Pradhan
Mantri Vaya Vandana Yojana extended up to March 2020
Existed
limit on investment under PMVVY enhanced to Rs 15 lakhs
With
the objective of providing a dignified life to senior citizens, the Union
Minister for Finance and Corporate Affairs, Shri Arun Jaitley, announced
significant incentives for senior citizens.
Presenting
the General Budget 2018-19 in Parliament here today, the Finance Minister said
that the exemption of interest income on deposits with banks and post offices
to be increased from Rs. 10,000/- to Rs. 50,000/- and TDS shall not be required
to be deducted on such income, under section 194A. This benefit shall be
available also for interest from all fixed deposits schemes and recurring
deposit schemes.
The
Finance Minister also announced raising the limit of deduction for health
insurance premium and/ or medical expenditure from Rs. 30,000/- to Rs.
50,000/-, under section 80D. All senior citizens will now be able to claim benefit
of deduction up to Rs. 50,000/- per annum in respect of any health insurance
premium and/or any general medical expenditure incurred.
Budget
Further,
the Finance Minister proposed raising the limit of deduction for medical
expenditure in respect of certain critical illness from Rs. 60,000/- in case of
senior citizens and from Rs. 80,000/- in case of very senior citizens, to Rs. 1
lakh in respect of all senior citizens, under section 80DDB.
These
concessions will give extra tax benefit of Rs. 4,000 crores to senior citizens.
In
addition to tax concessions, the Finance Minister proposed to extend the
Pradhan Mantri Vaya Vandana Yojana up to March 2020 under which an assured
return of 8% is given by Life Insurance Corporation of India. The existing
limit on investment of Rs. 7.5 lakh per senior citizen under this scheme is
also being enhanced to Rs. 15 lakh.
Source:PIB
No comments:
Post a Comment