EXTEND THE BENEFIT TO VRS OPTEES TOO

EXTEND THE BENEFIT TO VRS OPTEES TOO

Several benefits have been extended to the senior citizens under the Income Tax Act, and rightly so. Taking into account the advanced age, their poor health condition and their inability to earn more, the concessions are extremely necessary. Not only they should be continued, but also, further improved.

Due to recession and other unavoidable reasons many companies, banks and state and central governments have introduced Voluntary Retirement Schemes [VRS].Those who have opted for voluntary retirement stand on the same footing as senior citizens. They are also aged, are in poor health condition and are unable to earn more. Besides they are also deprived of the benefits like medical allowance, medical reimbursement, leave travel concession etc. In some cases even pension facility is not available. The VRS optees have to survive only on interest and dividends on their investments. Therefore all the VRS optees should be treated on par with the senior citizens and all the benefits available to senior citizens under the Income Tax Act should be extended to VRS optees irrespective of their age.

Presently the age 65 is considered as cut of age for treating a person as a senior citizen under the income tax rules. But for various other schemes 60 years is treated as cut of age. Presently the life expectancy is getting reduced due to the severe stressful life conditions and polluted food, water, and environment. Many people are dying between the ages of 60 and 65.Therefore for all the purposes the age of 60 years should be taken as cut of age for treating a person as a senior citizen.