Hello, Salaried folks! 🎉
Today brings great news for you with major benefits announced in the Budget! Here are the 5 key changes you need to know:
1. Massive Tax Relief: Previously, individuals earning up to ₹7.75 lakhs paid no tax. This exemption limit has now been raised to ₹12.75 lakhs!
2. Revised Tax Slabs: For people with income above ₹12.75 lakhs, there are favourable changes in the tax slab. This means everyone benefits! For instance, someone earning ₹20 lakhs saves ₹90,000, while an individual with ₹24 lakhs saves ₹1,10,000 in taxes.
3. Higher TDS Limit on Rent: The TDS threshold on rent has increased from ₹2.4 lakhs to ₹6 lakhs. Now, if your rental income is up to ₹50,000 per month, no TDS will be deducted.
4. Relief on Second House Property: You can now declare two properties as self-occupied, meaning no tax liability on them. Earlier, the second house was considered “let out” and taxed, even if it wasn’t rented.
5. Better TDS Rules for Senior Citizens: TDS on interest income will now be deducted only if the interest from one bank exceeds ₹1 lakh. The previous limit was ₹50,000.
Big wins all around for the middle class, finally!
