Tourism Breaking News
Nirmala Sitharaman, Finance Minister, GoI, announced “Govt to increase TCS on remittances under RBI’s Liberalised remittance scheme from ₹7 lakh to ₹10 lakh. She also said, “In the budget of July 2024, the delay of the payments of the TDS up to the due date of filing statements was decriminalised; I propose the same from the TCS provisions as well.”
Number of rates and thresholds above which TDS is deducted to be reduced
- Limit for tax deduction on interest for senior citizens to be doubled from ₹50,000 to? 1 lakh
- Annual limit for TDS on rent to be increased from ₹2.40 lakh to ₹6 lakh
- Threshold to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from ₹7 lakh to ₹10 lakh
