As we know retirement is the saddest part in old age. Elderly people keep worrying about their needs, the way they can save money for their later use, retirement hits differently. And how can we give ideas to our grandparents to save for themselves when they keep worrying about it and elderly people do not depend on anyone even if they need help. They do not want to be a burden for anyone. They still do think about working hard in their old age but no matter how much they want to work hard they become weak at a certain age.
So let's have a look at how can elderly people can save their taxes.
SENIOR CITIZEN SAVINGS SCHEME (SCSS)
This scheme is one of the best senior citizen tax saving schemes. This scheme was established in the year 2004, the government of India offers a secure source of income for our elderly people. The main amount invested in the Senior Citizens Savings Scheme(SCSS) is permitted for tax removal under the section 80C of the Income Tax Act with the maximum of up to Rs. 1.5 lakh. This Senior Citizen Savings Scheme is a perfect tax savings scheme for elderly people.
FIVE-YEAR FIXED DEPOSIT PLANS
Banks offer several investments schemes that would add savings for senior citizens. The bank offers fixed deposit plans which may help our senior citizens save their taxes. These fixed deposits provide high-interest rates which means they would act as a perfect income source. And also they can go for tax removal on a five-year deposit deal which makes it easy for the elderly people to save tax.
VARISHTHA PENSION BIMA YOJANA
Varishtha pension bima yojana scheme also provides more and more tax benefits for elderly people. The instalment you pay under this Tannishtha pension bima yojana scheme is tax-free from under section 80C of the income tax act. So this scheme ensures that income with some useful tax benefits for elderly people.
POST OFFICE MONTHLY INCOME SCHEME
This scheme is accessible for every single human being above 10years old and also one of the best schemes for senior citizens for saving tax. The Post Office Monthly Income Scheme (POMIS) allows elderly people to take better care for their daily needs.
This scheme is one of the best options when it comes to senior citizens for saving tax.
TAX BENEFITS UNDER MEDICAL INSURANCE
Having health insurance is one of the best tax-saving tips for elderly people. Elderly people often fall sick and need support, especially financial support for their treatments medicines and much more. So hence having a health insurance plan will help them to manage all their needs like medicines treatments etc.
PM VAYA VANDANA YOJANA (PMVVY)
This scheme is just like Varishtha Pension Bima Yojana, provides a perfect saving scheme for senior citizens. The government-backed elderly people scheme supplies a guaranteed payout of pension for 10 years.
Also, the tax-saving system is a handy scheme which comes to the aid of elderly people who belong to lower class or are under the poverty line. There are many schemes launched by the state and central government for such people. These schemes help unprivileged elderly people to survive in society so there is no one to take care of them. These schemes are a measure for the welfare of the citizens of the nation by the government and is a right of every unprivileged citizen by the government.
Author: Team 60plus India
Keywords: Tax savings, Tax saving tips, Tax saving tips for elders, Tax saving tips for senior citizens
Tags: #elderlypeoplecare #elderlypeoplesupport #elderlypeoplelife #taxsavingtips #schemesforsavings #seniorcitizenhealth
