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FM proposes to raise threshold for TDS on remittance to Rs 10 lakh from Rs 7 lakh

New Delhi, Feb 1 (PTI) Finance Minister Nirmala Sitharaman on Saturday proposed to increase the threshold of tax collected at source (TCS) on remittances under the RBI’s Liberalized Remittance Scheme to Rs 10 lakh from the existing Rs 7 lakh to give relief to non-resident Indians. Presenting her eighth straight Budget in the Lok Sabha on Saturday, Sitharaman said, “I also propose to remove TCS on remittances for education purposes, where such remittance is out of a loan taken from a specified financial institution.” She stated that the threshold to collect TCS on remittances under LRS is proposed to be

How income tax rate tweaks will boost middle class spending

NEW DELHI, Feb 1 (Reuters) – The Indian government on Saturday announced the biggest income tax relief in at least a decade to boost consumer demand to revive growth in the world’s fifth-largest economy, giving a huge relief to millions of households grappling with high inflation. India’s economic growth is expected to slow to a four-year low this fiscal year due to weak demand, particularly in urban areas where the cost of living has soared. The new structure will increase disposable incomes, boosting household consumption, savings and investment, Finance Minister Nirmala Sitharaman said in her annual budget speech. WHAT ARE

Sensex, Nifty end flat in highly volatile trade on Budget day

Mumbai, Feb 1 (PTI) Benchmark indices Sensex and Nifty ended flat in a special trading session on Saturday as investors saw little coming in from the Finance Minister Nirmala Sitharaman for retail investors and the overall markets in the Union Budget. But, buying in consumption-related sectors after Sitharaman exempted annual income of up to Rs 12 lakh from income tax and rejigged tax slabs as part of her reformist Budget prevented any major fall in the markets. The markets were open on Saturday due to the presentation of the Union Budget. In a day market with heavy volatility, the 30-share

Nil income tax for salaried people earning up to Rs 12.75 lakh annually

New Delhi: The Finance Minister Nirmala Sitharaman has announced a hike in tax rebate under Section 87A for resident individuals having net taxable income up to Rs 12 lakh will pay zero tax For Financial Year 2025-26 (Assessment year 2026-27) under the new tax regime. The Current resident individual taxpayer allowed zero tax on income up to Rs 7 lakh in the new tax regime under the Section 87A of the Income Tax Act, 1961. Salaried people having standard deduction benefit of Rs 75,000 under the new tax regime will pay zero tax if gross taxable income does not exceed

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