Major Reforms In TDS, Tax Collection, And NPS For Senior Citizens

Union budget 2025 will rationalise taxation for the middle class by simplifying tax deducted at source and tax collected at source. FM Nirmala Sitharaman has proposed to change the limit for tax deduction for senior citizens to be increased to Rs 1 lakh from Rs 50,000. The threshold to collect tax at source on remittances under the liberalised remittance scheme will be increased to Rs 10 lakh from Rs 7 lakh earlier. The annual limit of Rs 2.4 lakh for TDS on rent will be raised to Rs 6 lakh, she said.