TDS, TCS THRESHOLD

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 TDS, TCS THRESHOLD

For those above 60, the Budget has announced a doubling of TDS threshold related to deposit interest. From the current level of ₹50,000, TDS will now be applicable only if the interest income is more than ₹1 lakh, thus giving considerable relief to senior citizens. 

For those below the age of 60, the TDS threshold has been increased by ₹10,000 to ₹50,000 from ₹40,000 currently. The condition for this TDS relief is that the interest income must be given by banks, cooperative societies or post office. Interest income from any other entity would not enjoy these new benefits. Many individuals wish to send their kids abroad for higher education. Their remittance for funding the overseas education is subject to TCS. The threshold for TCS has been increased by ₹3 lakh to ₹10 lakh from ₹7 lakh earlier. The TCS rate with regard to education loan will remain at 0.5 per cent.


Source :: Business Line




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