Income Tax: There has been a tremendous jump in the tax liability of senior citizens in the last 4 years. This is the period when two years had passed since the Corona period.
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 percent 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. 75,73,353 taxpayers paid Rs 79,806 crore in 2020-21, Rs 83,756 crore paid by 81,30,798 taxpayers in 2021-22 and Rs 1,13,458 crore paid by 86,71,564 senior citizen taxpayers in 2022-23 till February 28, 2023 Have done. In 4 years, the number of senior citizens paying income tax has increased by 18.55 percent, so there has been a jump of Rs 43,196 crore or 61 percent in the payment of tax. People who are above 60 years of age come under the category of senior citizens.
No proposal to exempt from tax!
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 told that the government already provides many types of exemptions in income tax to pensioners and senior citizens, such as
1. The Minister of State for Finance said that under 80D of Income Tax for senior citizens, the limit for getting tax exemption on health insurance or medical expenses has been increased from Rs 30,000 to Rs 50,000.
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, so many senior citizens are eligible to get tax exemption on medical expenses. For this, 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 75 years of age who have paid tax are not required to file income tax return.
