Nirmala Sitharaman delivers Budget 2025: What's in it for senior citizens?

Union finance minister Nirmala Sitharaman

In a boost, Union finance minister Nirmala Sitharaman on February 1 announced a slew of measures to boost cash in the hands of the middle class, poor and senior citizens.

Sitharaman presented her 8th consecutive Union Budget to the Parliament amid a slowdown in the economy and moderation in real wages.

Here are all the announcements so far:

-Sitharaman announced the doubling of tax deduction limit on interest for senior citizens from the current Rs 50,000 to Rs 1 lakh

-The FM said many senior citizens have very old National Savings Scheme accounts. As interest is no longer payable on such accounts, therefore govt has proposed to exempt withdrawals made from NSS by individuals on or after 29th August, 2024

-Govt also has proposed to allow similar Tax treatment to NPS Vatsalya accounts as is available to normal NPS accounts, subject to overall limits

-Annual limit of Rs 2.4 lakh for TDS on rent hiked to Rs 6 lakh

-The threshold to collect tax at source (TCS) on remitances under RBI’s liberalized Remitance Scheme (LRS) is proposed to be increased from Rs 7 lakh to Rs 10 lakh