New Rules Update: Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2025-26 on February 1. During this, she announced a huge relief in income tax to the middle class as well as changes in many rules. Now these rules are coming into effect from April 1, 2025, with the start of the financial year. Let us tell you about it in detail.
New Rules Update: Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2025-26 on February 1. During this, she announced a huge relief in income tax to the middle class as well as changes in many rules. Now these rules are coming into effect from April 1, 2025, with the start of the financial year. This change also includes new rules for tax deduction (TDS) and tax collection at source (TCS). Let us tell you about it in detail.
Big relief to senior citizens and landlords
The central government had announced in the budget that the TDS deduction for senior citizens has been doubled. Earlier it was Rs 50 thousand, which has now become Rs 1 lakh. This will give them great relief now. At the same time, landlords have also got a big relief. Actually, the limit of TDS deduction on rent income has been increased from Rs 2.4 lakh per financial year to Rs 6 lakh per financial year.
TCS limit increased on foreign transactions
Apart from this, the limit of TCS deduction for RBI’s Liberalized Remittance Scheme for people with transactions from abroad has also been increased. Earlier, TCS deduction was done on transactions of Rs 7 lakh from abroad, which has been increased to Rs 10 lakh.
TDS removed on education loan
Let us tell you that TCS deduction on education loan from specific financial institution has been removed. Earlier, 0.5% TCS was deducted on education loans of more than Rs 7 lakh, while 5 percent TCS was deducted on education transactions of more than Rs 7 lakh.
This much limit on earnings from dividend and mutual funds
The limit of TDS on earnings from dividend has been increased from Rs 5,000 to Rs 10,000, while the TDS limit on earnings from units of mutual funds has also been increased from Rs 5,000 to Rs 10,000 per financial year. Apart from this, TDS has also been increased to Rs 10,000 per reward.
LPG price
On the first of every month, oil companies review the prices of LPG, so you may see a change in the prices of cylinders early in the morning of April 1.
ATF and CNG-PNG rates
On the first of every month, oil companies also make some changes in the prices of aviation fuel i.e. Air Turbine Fuel (ATF) and CNG-PNG.
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