Elders’ welfare body seeks I-T revision in current fiscal

Published - July 11, 2024 12:39 am IST - Chennai

The Tamil Nadu Elders’ Welfare Association has sought an Income Tax (I-T) revision for senior citizens from the current fiscal.

In a representation to Prime Minister Narendra Modi, submitted earlier this week, the association’s president, K.S. Subramanian, suggested that senior citizens be provided tax rebate till an annual income of ₹7.5 lakh, and levied 5 per cent I-T up to an annual income of ₹10 lakh.

A tax of 20% may be levied on annual income exceeding ₹15 lakh, a release said.

Mr. Subramanian further sought that the tax deduction for the national saving certificate investment for senior citizens be revised from ₹1.5 lakh to ₹3 lakh from this fiscal, the release added.

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