TDS New Rule: On March 1, 2025, the central government presented the budget, in which big announcements were made regarding tax. The new financial year is going to start from April 1, 2025.
In such a situation, whatever the central government had announced while presenting the budget, it will be implemented. Whatever was announced by Union Finance Minister Nirmala Sitharaman regarding TDS will be implemented. Let us know what changes are going to happen in the rules of TDS from April 1.
These changes in TDS are going to provide great financial relief to taxpayers, investors, senior citizens and commission earners. Many changes have also been made regarding TDS-TCS and ITR.
This will be the benefit of change in TDS rules
New TDS limits: It has been proposed to rationalise the limits to improve cash flow and avoid repeated unnecessary tax deductions.
Relief in sending money to other countries: Earlier, TCS had to be paid on sending money abroad up to Rs 7 lakh. However, giving a big relief in this, it has been increased to Rs 10 lakh. This means that a big relief has been given in the TCS deducted on sending money to another country, which will be implemented from April 1 in the new financial year. Along with this, if you are sending your child to study abroad, and have taken an education loan, then TCS will not be charged.
TCS ends on sales of more than 50 lakhs: In the new financial year, if you sell more than 50 lakhs, then you will not have to pay TCS on it. Earlier, 0.1% TCS was deducted.
No more TDS will be deducted for not filing ITR: Common taxpayers and small businessmen had to pay more TDS/TCS for not filing ITR. However, there is a big relief in this too.
There will be no jail for delay in depositing TCS: Earlier, if there was a delay in depositing TCS, then the person had to face a jail sentence of three months to seven years and a fine. However, now this has also been changed. According to the new rule, if you do not pay the amount of TCS on time, then no legal action will be taken against you.
TDS will be deducted on FD, RD and other deposit schemes only if the total interest income in a financial year exceeds Rs 1 lakh. No TDS will be deducted on interest income up to Rs 50 thousand annually on FD.
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