No proposal on income tax relief for senior citizens under consideration: Centre

The central government said on Monday that no proposal to provide an income tax relief to senior citizens is under consideration. A number of proposals seeking amendments in the Income-tax Act, are received every year as part of the Budgetary exercise, and are deliverated upon, Minister of State for Finance Pankaj Chaudhary submitted in the Lok Sabha—the lower house of Parliament. The results of such deliberations are  reflected in the Finance Bill presented that year, he informed the Lok Sabha. 

"No such proposal is presently under consideration," said Chaudhary.

The Minister was responding to the following three questions: 

• Have States Elders' Welfare Associations sought an income tax revision for senior citizens from the current fiscal year? 
• Will the government proposes to provide a tax rebate to senior citizens till annual income of Rs 7.5 lakh, and to levy 5 per cent income tax up to annual income of Rs 10 lakh?
• Will the tax deduction for the national saving certificate investment for senior citizens be revised from Rs 1.5 lakh to Rs 3 lakh from this fiscal year?

The clarification on the matter comes as the country keenly awaits the Narendra Modi 3.0 government's Union Budget for the next financial year. 

Typically, the Finance Minister unveils the Union Budget in Parliament on February 1.  

After returning to power for a third straight term in July, the Modi government announced a number of tax changes in its Union Budget unveiled in July.

The Budget made certain changes in the tax rate structure to ensure savings to the tune of Rs 17,500 in a financial year to salaried employees under the new tax regime. 

It also enhanced the standard deduction available to salaried employees by 50 per cent to Rs 75,000, and increased the deduction on family pension for pensioners from Rs 15,000 to Rs 25,000—moves aimed at benefiting about four crore salaried individuals and pensioners.