The Union Budget 2025 introduces a significant relief for fixed deposit (FD) holders by increasing the TDS (Tax Deducted at Source) threshold on interest income. The limit has been raised to ₹50,000 for general citizens (up from ₹40,000) and ₹1 lakh for senior citizens (doubling from ₹50,000). This change will take effect from April 2025 and aims to simplify tax deductions while easing the...
February 2025
Budget 2025 Eases Tax on Multiple Homes The Union Budget 2025 brings a significant tax benefit for homeowners, allowing them to claim nil annual value on two self-occupied properties without additional conditions. This reform simplifies tax calculations and provides greater financial flexibility to taxpayers. Key Tax Benefits for Homeowners ✅ Homeowners can now claim nil tax on two...
Increased TDS Limit on Rent The annual threshold for TDS on rent will be raised from ₹2.4 lakh to ₹6 lakh. Announced by the Finance Minister on February 1, 2025, during the Union Budget. Relief for Small Taxpayers Fewer rental transactions will be subject to TDS. Beneficial for small taxpayers receiving lower rental income. Amendment to Section 194-I of the Income Tax...
Income Tax Benefits No income tax on monthly income up to ₹1 lakh, boosting middle-class savings & spending. Salaried individuals earning up to ₹12.75 lakh per year to pay zero tax under the new regime. Updated Income Tax Return (ITR) filing limit extended from 2 to 4 years. TDS on rent threshold increased from ₹2.4 lakh to ₹6 lakh. Delay in TCS payment...
The Union Budget 2025 has introduced stricter tax rules for Non-Resident Indians (NRIs), making financial compliance more challenging. These new regulations particularly impact Indian students and young professionals abroad, increasing their reporting responsibilities and tax liabilities. The government aims to align with global tax norms, but this move adds financial complexities for NRIs managing...