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Senior citizens and budget 2026: How key proposals from finance minister can impact them
Senior citizens and budget 2026: How key proposals from finance minister can impact them
Some of the key reforms that Finance Minister Nirmala Sitharaman announced for senior citizens during her Budget 2026 speech were an online and app-based facility for making declarations and duty payments, duty being exempt on 17 cancer drugs, duty-free personal imports of drugs/medicines and food for 7 more rare diseases, a uniform customs duty for all personal imports, including gifts, etc. However, there was no change in tax slabs for senior citizens. They also didn't get any new income tax exemption.
Let's see how the latest changes can benefit senior citizens and what more was expected of the government in Budget 2026.
Duty-free allowances will be revised, and clarity will be provided to bring a new laptop along with personal effects.
For foreign passengers, declarations at airports will be made conventional.
The government will provide online and app-based facility for making declarations and duty payments. A facility while transferring residence from abroad will also be provided.
Duty-free entitlement will be revised to bring household articles from abroad.
A uniform customs duty for all personal imports, including gifts, will be brought into place.
Duty will be exempted on critical and cost-intensive components of microwave ovens.
Duty will be exempted on 17 cancer drugs.
Duty-free personal imports of drugs/medicines and food will be allowed for 7 more rare diseases.
Rajit Mehta, Chairperson, Association for Senior Living India; MD & CEO, Antara Senior Care, says the Union Budget 2026–27 recognises India's ageing population through several significant announcements.
“The declaration to create a 1.5-lakh-strong geriatric caregiver workforce, with training aligned to NSQF programmes, is a meaningful step toward addressing manpower gaps in the care economy. Additionally, the focus on developing medical hubs and specialised healthcare infrastructure reflects acknowledgement of India's evolving disease profile.
The TCS rate on the sale of overseas tour programme packages will be reduced to 2% (from the current 5% & 20%).
The TCS rate has been reduced to 2% from the current 5% for LRS remittance for education and medical purposes.
A single window filing with depositories for Form 15G or Form 15H for TDS on dividends, interest, etc., has been provided.
A one-time 6-month foreign asset disclosure scheme for small taxpayers will be provided to disclose their overseas income or asset.
It can lead to a seamless customs process at airports for international passengers.
There is expected to be lower tax friction and a reduced financial burden on patients.
Cashflow issues of taxpayers remitting money abroad for education, medical and overseas tour packages will be taken care of.
These reforms are expected to ease compliance for taxpayers.
However, some of changes that experts were expecting for senior citizens in Budget 2026 were higher tax slabs and more exemptions and deductions.
Amit Maheshwari, Managing Partner, AKM Global, says the Budget 2026 is broadly unchanged for senior citizens on tax rates, slabs stay the same and there is no new exemption or deduction targeted at them.
“What it does offer is smoother compliance: no TDS on interest from accident compensation, easier ‘no‑TDS' declarations for dividend and mutual fund income, and an extra three months to revise returns. At the same time, disability pension rules for army personnel are tightened so that full exemption will now be largely limited to those invalided out of service, not everyone drawing a disability pension. Overall, the focus is on simplifying processes and tightening definitions, rather than providing any fresh benefits in seniors' hands.”
Vishwas Panjiar, founder, SVAS, says Budget 2026 does not offer any major fresh tax relief targeted at senior citizens, but it does retain the key benefits already in place.
“The higher basic exemption limits under the new tax regime and the Rs 1 lakh TDS threshold on interest income for senior citizens continue, which provides some comfort to retirees who rely largely on deposit interest.
“On the healthcare front, the Rs 10,000 crore “Biopharma Shakti” initiative is a meaningful long-term step. If it strengthens domestic R&D and manufacturing, it can help bring down the costs of medicines and treatment for chronic illnesses over time,” says Panjiar.
Source: Msn.com
Source: OfficeNewz
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