TDS limits relaxed for senior citizens

Sat, 01 February 2025

12:10

Personal income tax reforms with special focus on middle class, announced Finance Minister Sitharaman.

Rationalisation of TCS, voluntary compliance, TDS to be rationalised by reducing rates, the threshold amount to be reduced, she said.

As part of this, TDS limits have been doubled from Rs 50,000 to Rs 1 lakh for senior citizens, she said, and the TDS on rent was being increased to Rs 6 lakhs. The tax collection at source threshold under RBI's liberalised scheme has been increased to Rs 10 lakh from Rs 7 lakh.

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