Middle class got a big relief in budget FM has rationalised slab rates under the new tax regime, resulting in big tax saving for many taxpayers. For example, under the new tax regime for FY , individuals earning a taxable income of 25 lakh can save as much as 1,10, in taxes. The tax rebate under section 87A has been enhanced from 25, to 60, for those availing the new tax regime resulting in not income tax on income up to Rs.
The FM has now made it even simpler for owners having two house as they can now claim two houses as self-occupied, whether they live in them or not, without needing to meet any specific conditions.
In case of overseas remittances for education expenses TCS will not apply, where such remittance is out of a loan taken from a specified financial institution. Earlier, the TCS on this was applicable at 0. In case of need for rectification of any omissions or wrong statements in original ITR, taxpayers now have 48 months instead of 24 months as earlier to file updated returns. Senior citizens will now enjoy higher TDS limits as it has been increased from Rs 50, to Rs 1 lakh.
For other taxpayers, the limit has been enhanced to 50, from 40, for interest from deposits from banks, co-operative societies, post offices and to 10, from 5, in other cases. Budget has hiked the limit on rent paid by non-individuals such as a corporate tenant for TDS obligation. The threshold limit of 2. Dividend income and income from mutual fund will have higher threshold for TDS deduction.
The existing threshold of 5, has been increased to Rs. Nifty 23, Market Data. More Menu. Tax How to file ITR. Tax Saving. ITR Forms. Income Tax Refund. Tax Exemption Limit. Income Tax Slabs. Insure Life Insurance. Health Insurance. Motor Insurance. Other Risk Covers. Wealth Edition. Personal Finance News. Union Budget 10 things individual taxpayers should know after Budget Curated by Sneha Kulkarni. Read more on Union Budget New tax regime. Tax Return. Fill in your details: Will be displayed Will not be displayed Will be displayed.
