Income Tax on Senior Citizens: Govt. statement in Loksabha Read more: http://www.staffnews.in/2017/02/income-tax-on-senior-citizens-govt.html#ixzz4Xt7ZihUV Under Creative Commons License: Attribution Share Alike Follow us: @StaffNews_In on Twitter | cgenews on Facebook - Indian Military Veterans

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                 Pensioners of the Armed Forces  are different from  pensioners of  other departments of the Government of India. Some rules and regulations apply to public services. In order to sensitize them about the various rules, regulations, government programs related to ex-servicemen and the various social assistance programs for families of ex-servicemen, we refer to the government instructions on this subject. , published information on related topics. Here, we will discuss SPARSH, CSD, ECHS, OROPfamily pension, disability pension, Service pension, re-employment with life certificate and other welfare activities  to increase the awareness of beneficiaries. 

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    Feb 6, 2017

    Income Tax on Senior Citizens: Govt. statement in Loksabha Read more: http://www.staffnews.in/2017/02/income-tax-on-senior-citizens-govt.html#ixzz4Xt7ZihUV Under Creative Commons License: Attribution Share Alike Follow us: @StaffNews_In on Twitter | cgenews on Facebook

    Indian Military Veterans
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    Income Tax on Senior Citizens: Govt. statement in Loksabha

    GOVERNMENT OF INDIA
    MINISTRY OF FINANCE
    LOK SABHA

    UNSTARRED QUESTION NO: 315
    ANSWERED ON: 03.02.2017

    Income Tax on Senior Citizens

    RAMDAS CHANDRABHANJI TADAS
    Will the Minister of FINANCE be pleased to state:-

    (a) whether the Government proposes to implement any scheme of monthly interest of 8 per cent on fixed deposit scheme for 10 years for 7.5 lakh rupees for senior citizens under the income tax net; and

    (b) if so, the details thereof and if not, the reasons therefor?

    ANSWER
    (a) & (b) Sir, the Varishtha Pension Bima Yojana (VPBY), 2017, a Government supported scheme, is being implemented through LIC, to provide social security during old age and protect elderly persons aged 60 years and above. The scheme protects investors against a future fall in the interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half-yearly and annual basis. The differential return, i.e. the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.


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