Arun Jaitely normally I do not like to tell people how to do their jobs. However what you do impacts a lot of people. I deal with a lot of senior citizens and I have the following requests to make to you:
- We are a country that has no Social Security, so please do not tax the senior citizens.
- If it sounds radical please make the tax exemption limits Rs. 5Lakhs for people above 60, Rs. 10 L for those above 65, Rs. 20L for those above 70 and Rs. 1 crore for those above 75 years of age.
- Make sure that the TDS rules are also suitably amended.
- Frankly it should not matter – let us accept the fact that for most of these people the income is interest income or rental income that we are talking about.
- Yes there are some professors who might be earning in this period or some businessmen
- Keep earned income out of this bracket…or damn it, does it matter?
- Please ask Raghuram Rajan to create a counter in certain branches to deal with senior citizens. Ensure that this counter is manned by an employee who is 55 years of age and has some empathy towards the senior citizens
- Make it mandatory that the senior citizen’s help counter person should SIGN the declaration that no toxic product is pitched to him.
- Make it illegal to sell any insurance product to a senior citizen. The premium for any insurance product should come ONLY from a non senior citizen account.
- Make sure that if a senior citizen gives his pan card there is no TDS.
- Raise the TDS limits to deposits of about Rs. 30Lakhs. Assuming 10% interest rates even Rs. 30L deposits can give him only Rs. 25k per month income.
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