Quick Summary
There has been a surprising surge in income tax payments from senior citizens during the past year, lifting the overall tax collections from the 60+ population by as much as 61.5% from pre-COVID levels to surpass ₹1 lakh crore. While personal income tax flows have grown at a faster pace of around
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FAQ :
Senior citizens have paid over ₹1 lakh crore in income tax during the past year, with collections reaching well over ₹1.13 lakh crore in the first 11 months of 2022-23.
Tax payments from senior citizens have increased by 61.5% from pre-COVID levels and saw a 35.5% jump in the first 11 months of 2022-23 compared to the entire previous year.
Personal income tax flows, including those from senior citizens, have grown at a faster pace (around 24%) compared to corporate taxes (up 16.9%) through 2022-23.
Potential factors include arrears paid to defence pensioners, higher capital gains and dividend tax collections due to recent Budget changes, and the boom in stock markets during 2021-22.
The number of senior citizen taxpayers increased by 18.6% during the period from 2019-20 to 2022-23, rising from 73.1 lakh to 86.71 lakh.
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