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Income Tax: Retired? Here is what Budget 2012 may have to offer
2/06/2012 10:25 PM
I felt that Union Budget 2011 was a budget for retired people like me. The finance minister's proposal to bring down the age limit to 60 years applicable to senior citizens for availing the higher basic exemption limit for income tax purpose was indeed a welcome move.
Senior citizens above the age of 65 years currently enjoy the benefit of having tax exemption up to Rs 2 lakh 50 thousand. If tax exemption limits for individuals is enhanced, then I expect this limit of tax exemption for senior citizens like me going up towards the Rs 4-5 lakh mark.
Even perhaps up to Rs 3 lakh would give a boost to our retirement funds.
This can be a huge boost to the disposable income of pensioners and retired individuals in the twilight of their lives.
And a lot more can be done to make our lives easier.
However, there are some proposals in the Direct Tax Code that are anything but friendly for the retired section of India's population.
It is proposed in the DTC that the annuity
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Budget 2012
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