In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
Here are some tips for salaried class to reduce their tax burden as the financial year is nearing its close come March 31.
The next revision will make the rates similar to those of bank FDs.
A day ahead of Lok Sabha polls announcement, the government today decided to hike interest rates on fixed deposit schemes offered by post offices by up to 0.2 per cent.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
RBI has also announced new guidelines to price loans from April 1.
Getting locked into instruments before the new regime kicks in would be a good strategy.
Finance ministry maintains that all KYC requirements will be followed.
A simple primer on how much money taxpayers can save under various sections of the Income Tax Act.