Key Changes in TDS for FY 2024-25
One of the most significant relief measures is the increase in the TDS exemption limit for senior citizens on interest income from fixed deposits, which has been raised from ₹50,000 to ₹1,00,000. Other notable changes include:
- The annual TDS exemption limit on rent payments has increased from ₹2.40 lakh to ₹6 lakh.
- A new TDS exemption threshold for interest on securities has been introduced at ₹10,000.
- The TDS deduction limit for dividends paid to individual shareholders has been doubled from ₹5,000 to ₹10,000.
- Commission and brokerage exemption limits have been raised from ₹15,000 to ₹20,000.
- The threshold for professional or technical services has been increased from ₹30,000 to ₹50,000.
- Overseas remittances under the Liberalized Remittance Scheme (LRS) and overseas tour packages now have a higher threshold for Tax Collected at Source (TCS), increasing from ₹7 lakh to ₹10 lakh.
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