Union Budget 2025 Expectations Senior Citizens: The Modi government will present its second entire budget of this term on Saturday. All eyes are on this budget, which people have a lot of expectations for. Union Finance Minister Nirmala Sitharaman can make big announcements that benefit the people.
Senior citizens have the highest expectations from this budget. They hope their annual income of Rs 10 lakh will be exempt from tax. They are also likely to get the maximum exemption on pension benefits so that more pension money will come into their accounts. The government can also make some big announcements on savings schemes.
Big announcement on savings schemes
Older people expect much from the budget Union Finance Minister Nirmala Sitharaman presented. They hope the government will increase the income tax exemption limit and want to earn more interest in savings schemes. Due to a lack of regular income, maximum returns on deposited capital can be achieved to meet the needs of old age.
At the same time, experts advise that senior citizens need risk-free, long-term investment instruments to benefit from higher returns than the market rate.
Big announcement on People above 70 years
With this central government budget, the only source of income for senior citizens over 75 is pension. If a pension and interest are from the same account, they are exempt from filing income tax returns. The bank branch with the pension deducts tax at source.
Under the new tax regime, this age is expected to be reduced to 70. If this happens, many senior citizens will receive a bumper benefit. The basic exemption limit will likely increase from Rs 3 lakh to Rs 5 lakh.