E-Paper
Budget 2020: ₹9K-cr allocated for senior citizens
Divyang is a term that means a person with a divine body and was suggested by Prime Minister Narendra Modi for describing people with disabilities.
Presenting the union budget for 2020-21 in the Lok Sabha on Saturday, Union finance minister Nirmala Sitharaman announced an allocation of ₹9,000 crore for the welfare of senior citizens.
“This government is mindful of the concerns of senior citizens and Divyang. Accordingly, an enhanced allocation of about ~9,500 crore is being provided for 2020-21,” Sitharaman said.
Divyang is a term that means a person with a divine body and was suggested by Prime Minister Narendra Modi for describing people with disabilities.
Currently, income up to ₹2.5 lakh for resident individuals (aged below 60 years) is exempt from tax. Similarly, for senior citizens aged 60 years and above but below 80 years, income up to ₹3 lakh is exempt from tax.
For senior citizens (aged 60 years or above but less than 80 years), income up to ₹3 lakh is exempt from tax.
For so-called super senior citizens, aged 80 years and above, income of up to ₹5 lakh is exempt from tax. Income from ₹300,001 to ₹5 lakh is taxed at 5%, from ₹500,001 to ₹10 lakh at 20% and above ₹10 lakh at 30%.
The finance minister also allocated ₹53,700 crore for the uplift of scheduled tribes, and ₹85,000 crore for the welfare of scheduled castes and other backward classes.
