budget 2025 highlights – All you need to know…
Finance Minister Sitaraman announced some significant changes to the tax slab in the new tax regime. In addition, read this article to know the highlights of budget 2025.
Key Highlights of Budget 2025 for You…
1) The TDS limit for senior citizens got doubled…
The TDs limit on interest income for senior citizens was Rs. 50,000 earlier.
Now it is increased to Rs. 1,00,000 in budget 2025.
However, that does not mean that the interest income of up to Rs. 1,000,000 is tax-free.
2) Simplified KYC Process…
Earlier, individuals faced a lot of problems completing the KYC.
Now, FM promised to launch a new CKYC process in 2025, which may make the KYC process much easier.
3) TDS limit on rent increased…
Earlier, if the total rent paid or expected to be paid over Rs. 2,40,000, a TDS must be deducted by the rent payers.
Now, in budget 2025, it is increased to Rs. 6,00,000 in a FY.
4) National Savings Scheme is allowed for tax-free withdrawals…
NSS was a government savings-backed scheme that was allowed to invest money and earn interest.
But now this scheme stopped giving interest to those invested in these accounts.
However, still some people are continuing their accounts.
As this scheme stopped giving interest, to compensate the investors of this scheme, the government offered a tax-free option for this scheme in budget 2025.
However, such a tax exemption is possible if you withdraw on or after August 29, 2024.
5) NPS Vatsalya Scheme Tax Benefits…
This scheme’s tax benefits will be alligned to the normal NPS account.
Hence, there are no additional tax benefits for this scheme.
6) Tax slabs got changed for the new tax regime…
There are no changes to the old tax regime.
In addition, significant changes to the new tax regime are in budget 2025.
And these changes are beneficial to the middle class.
Moreover, for a salaried person having up to 12 lakh, there will be no tax for him.
Read article about Hiding tax is not easy—Why?…
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