February 02, 2025 / 21:05 IST
Finance Minister Nirmala Sitharaman has announced some tax measures that can ease the compliance burden of senior citizens.
Follow our live blog for the latest on the Budget 2025
Story continues below Advertisement
Key takeaways for senior citizens
- TDS threshold on FD interest income doubled.
- Budget 2025 proposes to hike the threshold limit for tax deducted at source (TDS) on senior citizens' bank fixed deposit interest income from Rs 50,000 to Rs 1 lakh. This would mean more liquidity for senior citizens, and also lower compliance burden.
Also read | Big boost to the middle class: No tax on incomes up to Rs 12 lakh under the new regime, says FM- Increased TDS Limit on rent
Additionally, the annual TDS limit on rent is being raised from Rs 2.40 lakh to Rs 6 lakh, significantly reducing the tax withheld for those receiving modest rental income. "These changes provide much needed financial relief and simplicity, especially for retirees who rely on interest and rental earnings for their post-retirement financial stability," says Shetty.
These changes are set to benefit senior citizens, offering more flexibility and savings.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
