As your body clock strikes 60, a brand new phase of your life begins.
The monotony of work and the paucity of time completely vanish. Instead, what you are left with is a better understanding and a greater experience of how the world truly functions. In order to adapt to these changing realities, keeping yourself fit and agile and financially independent is highly essential.
The good news is that the Indian Government can help you throughout this extremely crucial stage. It has designed multiple strategies to provide you with a huge variety of benefits that can make your life much easier and simpler.
Here are a few perks and privileges that you can avail once you cross the threshold of middle-age and step into the cherished category of senior citizenship:
For the purpose of filing income tax returns, the IT department classifies elderly people into two categories:
-Above 60 - Senior Citizens
- Above 80 - Very Senior Citizens
In case of senior citizens, an income up to Rs. 3,00,000 is tax exempt. Anything above this amount would be taxed at standard rates, i.e., Rs. 3-5 lakh - 10%, Rs. 5-10 lakh - 20%, and Rs. 10 lakh and above - 30%. However, in case of very senior citizens, the exemption limit has been relaxed further. They don't have to pay any tax for an income up to Rs. 5,00,000.
For the benefit of senior citizens, the government has initiated a number of social programs and welfare schemes under various central and state ministries. These include:
For senior citizens, the option to travel and explore everything that they might have missed out on so far has become entirely effortless. This is because:
A multitude of health-based benefits has been introduced by the government to help senior citizens lead a fulfilling life. These are:
Most banking institutions offer a specific set of advantages to help senior citizens manage their expenses better. These involve:
Apart from the aforementioned, senior citizens are entitled to a plethora of other government benefits which include:
Even as the twilight zone of life approaches, these benefits would help you manage your finances better. After all, everything you spend at this juncture has been earned through a lifetime of hard work. So, give yourself another chance and live life anew.
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