Budget 2026: Taxpayers Seek Higher Deductions for Pension, Insurance, Senior Citizen Relief
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Moneycontrol•26-01-2026, 18:26
Budget 2026: Taxpayers Seek Higher Deductions for Pension, Insurance, Senior Citizen Relief
- •Taxpayers anticipate increased deductions and retirement security in the upcoming Union Budget 2026.
- •Demand for higher Section 80D deduction for health insurance premiums, proposing INR 50,000 for self/family and INR 75,000 for senior citizen parents due to rising medical inflation.
- •Call to make Provident Fund (PF) to National Pension System (NPS) transfers tax-free and increase employee contribution limits to NPS for better retirement planning.
- •Advocacy for extending Section 80TTB interest deduction and higher basic exemption to senior citizens under the new income tax regime, along with an overall increase in their basic exemption limit.
- •The government aims to promote the new tax regime, necessitating reforms to address taxpayer challenges and foster a tax-friendly retirement corpus.
Why It Matters: Taxpayers expect Budget 2026 to boost deductions for health insurance, pension, and provide relief for senior citizens.
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