Special provision for Senior citizens in new Income Tax Rules
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Service class people who joined their jobs in 1970s and retired in last one decade have been planning their retired life during that period. The peak time was 1990s. Rate of interest on Bank deposits was around 13 -14% early nineties. Now the maximum interest rates on bank deposits have come down to 6-7%. As such, the amount of monthly interest on funds received by us on retirement has come down to half as compared to what was planned by us during that period. Inflation is going high continuously and income has gone down heavily. Moreover medical expenses etc. increase in this age. This interest income is not likely to increase in near future. It has become very difficult for retired people to run their life.
We understand that the existing Income tax Act 1961 is being reviewed fully by specially constituted committee / responsible people. In view of the facts stated above, we request you to consider our suggestion seriously and exempt retired people from income tax.
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