Govt has collected over Rs.61,000 crore Tax from Senior Citizens
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Did You Know? The Government of India has collected over Rs.61,000 crore Tax from Senior Citizens. The details of income-tax collected from senior citizens above 70 years during the last five years are as under:
| Sl. No. | Assessment Year (A.Y.) | Tax Collected (in Rs. Crores) |
| 1. | 2020-21 | 25,969.63 |
| 2. | 2021-22 | 28,090.77 |
| 3. | 2022-23 | 39,537.42 |
| 4. | 2023-24 | 48,152.79 |
| 5. | 2024-25 | 61,624.23 |
The Government has also clarified that there are no plans to grant further tax reliefs to the senior citizens of age 70 and above by enhancing the income-tax exemptions ceiling to Rs. 25 lakhs;
Under the Income-tax Act, 1961, a number of reliefs have already been provided to the senior citizens. It is the stated policy of the Government to reduce the tax rates while removing exemptions and deductions. Accordingly, new tax regime with liberal slabs, lower rates and higher rebates has been put in place effective from previous year starting from 1.4.2025. Further, any matter relating to tax rates or relief is decided during regular budgetary exercise and outcome of same is reflected in the respective Finance Act.