Minor Relief To Super Senior Citizens Of The Age of 80 Years and Above
Hon'ble Prime Minister Of India Sri Narendra Modi Ji-------------------------------------------------------With a view to removing the hardships of the super senior citizens of the age of 80 years and above and to give some minor relief to them in the coming budget, I make the following two suggestions for your kind and favourable consideration:-(1). The income on fixed deposit of Banks and Post Office Sr Citizen Scheme is taxable and TDS is deductible. When the rates of interest on these deposits have drastically fallen down,which is the major source of income for the sustinance of this group of citizens, it is suggested that the interest income on Bank fixed deposit and Post Office Sr Citizens Scheme should be made interest free in the hands of super senior citizens to give some minor relief to this group. There shall be no substantial loss of revenue to the Govt, but it will be a great relief to super senior citizens.It may be added that no income tax is payable on the yield, if this amount is invested in Tax Free Mutual Fund.(2). To claim income tax relief under Section 80-C of Income Tax Act to the extent of Rs 1,50,000/-, this amount may be deposited in a Bank fixed deposit or Post Office Sr Citizen Scheme for a period of 5 years, which is a very long period. If such amount is invested in Tax Saving Mutual Fund, the period of investment is only 3 years. For a super senior citizen the period of 5 years is very very long. This period of 5 years under Bank fixed deposit or Post Office Sr Citizen Scheme for the super senior citizens of the age of 80 years and above should be reduced to 3 years in view of such higher age of this group. The Govt will not loose any revenue, if this relief is provided.Hope these suggestions will be accepted and announced in the coming budget.With respectful regards,S.R.AGARWALA-59, Rosewood City, Dated: 20-01-2018Sector-49,Gurgaon-122018Mob: 08527571711Email: sragarwal1@yahoo.com
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