The Union Budget for 2003-04 proposes to raise the tax rebate for senior citizens to Rs 20,000.

As a result, their income of up to Rs 153,000 would now become exempt from income tax.

In the case of senior citizens on pension the effective exemption limit would become Rs 183,000 because of standard deduction of Rs 30,000.

They could get further relief by taking advantage of the tax rebate available under Section 88.

In order to reduce bureaucratic hassles, the Budget proposes to accept self-declaration filed by senior citizens in regard to no deduction of tax at source.

PTI

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What do you think about the story? Read what others have to say: Number of User Comments: 6 Sub: Senior Citizens While I appreciate the concerns expressed by the Finance Minister to the Senieor Citizens, he should have extended the benefits of Senior Citizens to all ... Posted by A V Achar Sub: Sr. citizen Once agn thanks to Finance Minister for concessions shown in favour of Sr.citizens.But please define the age for Sr.citizens as defined in Rail Budget.If our ... Posted by Balbir Singh Ahluwalia Sub: provision of TDS not to be deducted so as to stop harassment in case of seniour citizen some provision of something of 15h form type should have been made so that deduction at source could be stoped ... Posted by gian bagga Sub: Senior Citizens Tax Rebates While appreciting the gesture of increasing the tax rebates for Senior Citizens, would request the following to be cosidered: The provision to be made for ... Posted by T.P.Raja Sub: SR. CITIZEN Finance minister have extended a good relief to Senior citizens. He should also clearify that this will be applicable for the age of 60 years ... Posted by SHUKLA M. K.