Budget fy 24-25

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The discussion centres on the Indian Budget for FY 24-25, specifically regarding TDS (Tax Deducted at Source) and tax exemptions. While a 5% TDS applies above ₹3 lakh, there's uncertainty about whether the ₹7.5 lakh tax exemption under Section 87A will continue. Final details are pending parliamentary approval, but it's anticipated that the exemption will remain, meaning tax would only apply on income exceeding ₹3 lakh if the exemption limit is crossed.

Umesh Jadhav

Umesh Jadhav (Querist)
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24 July 2024 3 lakh ke uppar 5% tds hai but ek sawal hai ki jo 7.5 lakh Tak ka exemption hai woh continue rahega FY 24-25 mai ya nahi

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 July 2024 Final details are still awaited. Secondly the bill has to be passed from both houses after discussion.
It is estimated that there is no change in Sec. 87A IT act. If so, the then the exemption would be continued.