Budget 2025: Finance Minister Niramala Sitharaman announced the rationalization of TDS and TCS. She raised the limit for tax deduction on interest for senior citizens to be doubled from Rs 50,000 to Rs 1 lakh.
Moreover, annual limit for TDS on rent to be increased from Rs 2.40 lakh to Rs 6 lakh. Threshold to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from Rs 7 lakh to Rs 10 lakh
“In the budget of July 2024, the delay of the payments of the TDS up to the due date of filing statements was decriminalized; I propose the same from the TCS provisions as well,” said Sitharaman.
The Finance Minister Nirmala Sitharaman presented her 8th Budget and the Modi government’s second Budget of the third term of the NDA government at 11 am today, February 1. With this, she became the country’s first Finance Minister to present the Union Budget for the 8th consecutive time.
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