Oldest citizens now key contributors to tax kitty

Indian Elderly Fuel Tax Growth

- SIDDHARTH UPASANI

INCOME TAX PAID by India's oldest citizens is gradually accounting for a larger share of the central government's total kitty. According to new finance ministry data, those over the age of 70 years paid nearly 6% of the income tax in 2023-24, up from 5.3% in 2019-20.

Responding to a question in the Lok Sabha on August 18, Finance Minister Nirmala Sitharaman said that in the 2024-25 assessment year, the income tax collected from citizens above 70 years of age was ₹61,624 crore, up 28% from the previous year.