Announcements made in the budget: The new financial year will begin from April 1. In this new financial year, middle-class people will get many big gifts. We are saying this because the announcement made in the general budget will be implemented in the new financial year. Finance Minister Nirmala Sitharaman had taken several decisions in the interest of the middle class while presenting the Union Budget on February 1.
What happened was announced
Giving good news to taxpayers, Finance Minister Nirmala Sitharaman had said that under the new tax regime, no income tax will be payable on income up to Rs 12 lakh (i.e. average income of Rs one lakh excluding special rate income such as capital gains). Along with this, there will be a limit of Rs 12.75 lakh for salaried taxpayers due to the standard deduction of Rs 75,000. Apart from the benefits due to reduction in slab rates, tax exemptions are being provided in such a way that no tax will be paid by them. This will reduce the tax burden for the middle class at large and make more money available to them, which is expected to boost domestic consumption, savings and investment.
Relief on TDS/TCS
Similarly, proposing to rationalise TDS/TCS rates, it is proposed to double the tax deduction limit on interest for senior citizens from Rs 50,000 to Rs 1 lakh. Similarly, the annual limit of TDS on rent is proposed to be increased from Rs 2.4 lakh to Rs 6 lakh. Further, delay in payment of TDS till the due date for filing income tax returns was made non-criminal. Now it has been proposed to make provision for the same exemption for TCS provisions also.
Further, the deadline for filing update returns for any taxation year is now proposed to be extended from the current two years to four years. It is proposed that taxpayers be allowed to benefit from the annual value of two such assets without any condition for owned properties.
