India’s elderly, who’ve spent decades contributing to nation-building, find themselves paying the price-- especially at a stage in life when they need support the most. With healthcare costs skyrocketing and limited tax relief, senior citizens are being taxed into despair.
Despite paying taxes for decades, seniors face double taxation in their golden years-- taxes on health insurance premiums, life insurance, and even annuities that were supposed to secure their retirement.
The current limit under section 80D for health insurance tax deductions is woefully inadequate, especially when medical inflation is at an all-time high. And while other nations provide robust social security benefits, India's elderly are left to fend for themselves with meagre pensions and inadequate healthcare infrastructure.
What do senior citizens want?
Seniors are now demanding recognition for their contributions. Experts suggest the government must reward their contributions with policies that ease their burden. Tax breaks for health and life insurance premiums should be increased, with parallel increases in allowances for health-care costs for the aged.
The 2025 Budget presents a great occasion to address seniors. Ignoring senior citizens who have built this nation would thus be detrimental to the country's aspiration to be inclusive in its growth. Experts say that the government really does not have that much fiscal running room to tackle all their social security needs in these hard days, but any sort of relief would go a long way toward providing such people dignity in their final years.
Budget 2025: Senior citizens demand tax rationalisation
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STORY HIGHLIGHTS
Despite paying taxes for decades, seniors face double taxation in their golden years-- taxes on health insurance premiums, life insurance, and even annuities that were supposed to secure their retirement.
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