TDS limit for interest income of senior citizens doubled from Rs 50,000 in Budget 2025 The limit for TDS for senior citizens is being doubled from Rs 50,000 to Rs 1 lakh. TDS on rent is being increased to 6 lakh rupees
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The finance minister has stated that TDS rates will be rationalised in the Budget 2025 giving much needed relief to taxpayers. The limit for tax deduction on interest for senior citizens is being doubled from the present Rs 50,000 to Rs 1 lakh . The FM said, TDS on rent is being increased to Rs 6 lakh.
Rationalise TDS by reducing the number of rates and thresholds above which TDS is deducted. The limit for TDS for senior citizens is being doubled from 50,000 to 1 lakh rupees.
From October 1, 2024 the government has made it mandatory for employers to give benefits of TDS/TCS deducted on non-salary income while computing TDS to be deducted from salary. Adjustment of tax already paid through TDS/TCS on non salaried income while deducting TDS against salary can bring down TDS liability for a salaried employee. This amendment was introduced to reduce the incidence of extra TDS being deducted from salary income. While the law was already implemented, the necessary back end technical infra updation took time.
Amendments introduced to TDS Form 24Q, 26Q and 27EQ
1) Addition of a New Column (388A): A new column (388A) has been added under Annexure II (Salary details) for Form 24Q. This amendment is applicable to statements pertaining to FY 2024-25 Q4 onwards."
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As per the updated TDS Form 24Q the newly inserted column 388A will show amount reported as per section 192(2B), of other tax deducted at source or tax collected at source, other than (388).
Column 388 is meant to show reported amount of tax deducted at source by other employer(s) (income in respect of which included in computing total taxable income in column 339).
"2) Increase in Standard Deduction: Standard deduction has been increased from Rs 50,000 to Rs 75,000 under Annexure II (Salary details) and Annexure III. This change is applicable only under the new tax regime for statements pertaining to FY 2024-25 Q4 onwards.
3) Change in Column Name and Number: Changes have been made to the name and number of an existing column under Annexure II (Salary details) for Form 24Q, effective from FY 2024-25 Q4 onwards.
4) Omission of an Existing Section Code: Section code 194F has been omitted from Form 26Q, applicable to statements pertaining to FY 2024-25 Q3 onwards.
As Per Chartered Accountant Ashish Niraj, Partner, A S N & Company, Chartered Accountants, says due to this amendement in Form 24Q and Form 16 will improve and TDS deduction will be become more accurate. "Employees will furnish their other income more accurately by which their TDS may change according to actual income. It will also include Loss under the head “Income from house property”. By this the TDS of employees will increase or decrease on case to case basis.” #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
