Budget 2025: For Liberalised Remittance Scheme (LRS) transactions, the TCS exemption limit has been increased from ₹7 lakhs to ₹10 lakhs. Finance Minister, Nirmala Sitharaman announced key changes to the Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) framework in the Budget 2025. The Government aims to simplify tax deduction and collection at source. The number of TDS rates and thresholds will be reduced for better compliance. The TDS threshold for rent has been raised to ₹6 lakhs. Additionally, the Government plans to remove TCS on education loans up to ₹10 lakhs, when borrowed from specified financial institutions. A new income tax bill will be introduced next week, retaining nearly half of the existing provisions, while bringing reforms focused on the middle class.
Source : https://www.cnbctv18.com/budget/union-budget-2025-income-tax-tds-tcs-lrs-limit-rebate-education-loans-home-purchase-19550658.htm
