Niti Aayog pitches for better tax reforms for senior citizens. Details here
The fiscal year is drawing to a close, prompting investors to scramble for last-minute tax-saving opportunities for the forthcoming Assessment Year 2024-25.
In response, the government’s policy think tank, NITI Aayog, has published a report spotlighting the financial well-being of senior citizens. Titled ‘Senior Care Reforms in India – Reimagining the Senior Care Paradigm’.
This report underscores the essential steps required to empower elderly citizens financially and integrate them more fully into the nation’s economic fabric.
Key findings from the ‘Senior Care Reforms’ report
Key points from the report include the necessity to reskill the elderly population, enhance the coverage of public funds and infrastructure, and implement mandatory savings plans for those who can afford them.
The aim is to address the gaps and challenges within the current senior care ecosystem and to cater to the evolving medical and nonmedical needs of seniors.
According to the report, there are major challenges hampering the senior care system, such as the absence of a comprehensive policy for care and support, inadequate infrastructure, limited knowledge repositories for managing geriatric illnesses, and insufficient monitoring mechanisms and emergency response systems.
Recommendations for tax reforms and savings plans
In terms of taxes and savings, the report underscores the importance of reassessing the reverse mortgage mechanism to increase liquidity for seniors and making necessary amendments to existing rules.
