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As on : 01-Feb-2025
Economy - Reports
01-Feb-2025     12:22

Income tax exemption limit increased to 12 Lakh, rationalization of TCS and TDS; announced by FM

The Finance Minister announced income tax exemption limit increased to Rs. 12 lakhs. This is expected to spur consumption by increasing disposable income.

FM propose to exempt withdrawals made under National Savings Scheme (NSS) accounts from tax.

Propose to extend the period of incorporation of startups to 5 years.

Tax Collected on Source on Liberalized Remittance Scheme (LRS) increased to Rs 10 lakh from Rs 7 lakh. PIT reforms, rationalization of TDS and TCS, will reduce compliance burden. TCS on remittance for education is removed - out of loan taken from specified financial institutions.

TDS threshold limit for rent hiked to 6 lakh. TDS threshold from Rs 50,000 to Rs 1 lakh for senior citizens.

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