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Quick Summary
Q.1 What are the main changes in Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) proposed by the Budget 2025? Ans. (i) To improve ease of doing business and better compliance by taxpayers, certain rates of TDS and TCS has been rationalized. (ii) Threshold limit for applicability
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FAQ :
The main goals are to improve the ease of doing business and enhance compliance by taxpayers through rationalised rates and increased threshold limits for TDS and TCS.
Changes are proposed for Section 194LBC (investment in securitisation trust), Section 206C(1) (TCS on timber), and Section 206C(1G) (TCS on LRS remittances for education).
The threshold limit for Section 193 (Interest on securities) is changing from Nil to Rs. 10,000/-.
The threshold for Section 194 (Dividend for an individual shareholder) is proposed to be increased from Rs. 5,000/- to Rs. 10,000/-.
These changes will be effective from 01.04.2025.
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