Budget for Senior Citizens: Union Finance Minister Nirmala Sitharaman has given great relief to the middle class in the budget. Also, the elderly have been given extra relief. The Finance Minister has doubled the TDS limit on interest for the elderly, that is, TDS was not deducted at the interest of up to 50 thousand rupees earlier, but now this limit has been reduced to 1 lakh rupees i.e. now they are now up to 1 lakh rupees. On income from interest, there will be great relief in the paperwork related to TDS.
What is the relief from increasing TDS Limit?
If the bank or post office has deposited the money and the interest on it is more than a limit, then the bank or post office will credit only by deducting tax at a fixed rate of interest. However, if there is no taxable income, then you can refuse to cut TDS by filling 15H form for Form 15G or Senior Cities. Now that TDS limit is being increased for Senior Cities, they will not have to fill this form to this extent. Explain that TCS can be withdrawn through ITR filing, that is, in case of tax liability, refund is received.
TDS limit also increased on rent from rent
The Finance Minister doubled the TDS limit to the elderly by double. Also, another gift has been given, which will also benefit the elderly. The Finance Minister has announced to increase the tDS exemption limit by Rs 2.40 lakh to Rs 6 lakh on rent. Now, when we talk about the big relief to the middle class, the Finance Minister has taxed the income of up to Rs 12.75 lakh, including standard deduction of Rs 75 lakh. However, note that it is a rebate, that is, this rebate will not be available on the income of more than this and the tax will be calculated according to the tax slab, in which the income of up to Rs 4 lakh has been kept tax-free under the New Tax Regime.
Insurance Stocks: Insurance Stocks rocket on 100% FDI, but Finance Minister added this big condition
Announcement of ₹ 10 thousand crore new fund for Startups, double credit guarantee for MSMES