Tag Archives: Rationalisation

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

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