2011 brought a great relief for many when the government announced that the retirement age of the Central government employees to 60 years of age. The senior citizens are currently availing the benefit of having tax exemption up to 2,50, 000/- In Budget 2012 also many retired individuals are expecting certain benefits to ease their lives. Last year senior citizens were divided into two categories for the purpose of taxation. We look forward that the annuity part of the pension to immune the tax, which is been proposed in the Direct Tax Code. It will benefit the individuals to invest their money in pension plans. This budget we would expect the tax exemption to go up to 4,00,000/- 5,00,000/- which will further help them live a better life.
The Budget 2012 is going to affect us in every way. Our country receives money through taxation and has a list of expenditures to be met. We hope that our Finance Minister balances the budget in such a way that it meets and fulfills every aspect of the people's need & country's development. Although it is not in our hands yet we are looking forward to a pro poor and a conducive Budget this time.
Source : http://www.moneycontrol.com
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