Budget 2025 Live: Rationalizing tax deduction at source (TDS) by reducing the number of rates and thresholds above which TDS is deducted.
Increasing threshold amounts for better clarity and uniformity.
Doubling the limit for tax deduction on interest for senior citizens from Rs 50,000 to Rs 1,00,000.
Raising the annual limit for TDS on rent from Rs 2.40 lakh to Rs 6 lakh, benefiting small taxpayers receiving smaller payments.
Increasing the threshold to collect Tax Collected at Source (TCS) on remittances under the RBI’s Liberalised Remittance Scheme (LRS) from Rs 7 lakh to Rs 10 lakh.