Income Tax: Senior citizens paid 61% more income tax in 4 years, know the government’s answer to the question of excluding them from the tax net

Senior Citizen Taxpayers: There has been a tremendous increase in the number of senior citizens paying income tax in the country, so there has been a tremendous increase in the payment of income tax from their side. According to the information given by the government, there has been a jump of 18.55 percent in the number of senior citizens paying income tax in the last 4 years. So in these four years, he has paid 61 percent more income tax. The government has given this information in response to a question asked in the Lok Sabha in Parliament. 

61% jump in tax liability in 4 years 

The government was asked in the Lok Sabha that how many senior citizens are there in the country who pay income tax and how much tax revenue the government receives from them. In response to this question, Minister of State for Finance Pankaj Chaudhary replied in writing that in 2019-20, 73,14,324 senator citizens taxpayers had paid income tax of Rs 70,262 crore. In 2020-21, 75,73,353 taxpayers paid Rs 79,806 crore, in 2021-22, 81,30,798 taxpayers paid Rs 83,756 crore and in 2022-23, till February 28, 2023, 86,71,564 lakh senior citizen taxpayers paid Rs 1,13,458 crore as income tax. have paid. In 4 years, the number of senior citizens paying income tax has increased by 18.55 percent, while there has been a jump of 61 percent in the payment of tax. People who are above 60 years of age come under the category of senior citizens. 

No proposal for tax exemption!

The question was asked to the government that all senior citizens including pensioners can lead their lives in a better way, so what is the government considering to exempt senior citizens from paying income tax? In response to this question, the Minister of State for Finance said that no such proposal is under consideration before the government. He said that the government already provides various types of income tax exemptions to pensioners and senior citizens, such as 

1. The Minister of State for Finance informed that the limit for availing tax exemption on health insurance or medical expenses has been increased from Rs 30,000 to Rs 50,000 for senior citizens under 80D of Income Tax. 

2. Under 80DDB, the tax exemption limit has been increased from Rs. 60,000 to Rs. 80,000 on the expenses incurred for the treatment of serious illness of senior citizens above 60 years of age. The limit has been increased to Rs 1.10 lakh.  

3. Deduction is available on income of Rs 50,000 from interest on deposits in banks, cooperative societies and post offices. So the limit of TDS on interest income for senior citizens has been increased from Rs 10,000 to Rs 50,000. Apart from this, senior citizen taxpayers above the age of 75 years who have paid tax are not required to file income tax return. 

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