CA Umesh Sharma
Quick Summary
Arjuna (Fictional Character): Krishna, the Union Budget for 2025-26 has been announced recently. What are the new key proposed changes, and how will they impact individual taxpayers? Krishna (Fictional Character): Arjuna, this budget brings significant changes aimed at reducing the compliance burde
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FAQ :
The rebate under Section 87A has been increased, meaning individuals earning up to Rs 12 lakh annually will not have to pay any tax, a significant rise from the previous Rs 7 lakh threshold.
The TDS threshold for bank interest is proposed to increase to Rs 50,000 for individuals and Rs 1 lakh for senior citizens. For rent, TDS will only apply if monthly rent exceeds Rs 50,000, and TDS on specified goods above Rs 50 lakh is proposed to be removed.
Yes, the TCS on foreign remittances under LRS is proposed to increase from Rs 7 lakh to Rs 10 lakh, which will benefit individuals sending money abroad for education, travel, or investments.
The time limit for filing updated returns is proposed to be extended from two years to four years, giving taxpayers more time to correct errors or disclose omitted income.
Contributions to NPS Vatsalaya are now eligible for deduction under Section 80 CCD(1B), and an exemption on withdrawals from the National Savings Scheme (NSS) for amounts deposited and interest accrued (where deduction was previously claimed) is also proposed.
The proposed changes focus on enhancing savings, reducing tax burdens, and making tax compliance easier for individual taxpayers, ultimately helping to increase their savings.
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