Budget 2025 for senior citizens: These are the elements that benefit senior citizens in this budget.

Budget 2025 for senior citizens: These are the elements that benefit senior citizens in this budget.

Budget 2025 for senior citizens: Union Finance Minister Nirmala Sitarman has announced several benefits in the Union Budget 2025-26 for senior citizens who rely on interest income after retirement. Saturday, in his budget speech on 1 February, the current Rs. 50,000 to 1 lakh rupees will double.

TDS exception

So far, senior citizens, who have less than Rs 3 lakh, have excluded TDS on interest income of more than Rs 50,000 in the new tax system. He had to enter an Income Tax Return (ITR) to get a refund. Or senior citizens had to submit Form 15H for requesting the bank not to exclude TDS. Now that limit is Rs. 1 lakh. That is, Rs. The interest given by TDS has been earned on the deposited amount on deposits with a total income of less than Rs 4 lakh. 50,000 to 1 lakh rupees.

NSS accounts ..

Senior citizens with a very old National Savings Scheme (NSS) account can withdraw their savings (on or after 29 August 2024 or after).

TCS on foreign transactions

Under the liberal remittance scheme (LRS), the tax collection at the source on foreign transactions (TCS) has increased from Rs 7 lakh to Rs 10 lakh. These transactions include the purchase of foreign travel packages, investment in foreign companies, medical treatment, gifts for relatives living abroad. So far, TCS has to pay 5 percent to Rs 7 lakh on the purchase of foreign tour packages and then the rate has increased by 20 percent. LRS does not have TCS up to Rs 7 lakh for medical treatment. After that 5% TCS was charged. TCS does not have up to Rs 7 lakh on all other transactions. Now in 2025, the budget has increased to Rs 7 lakh in all these categories. It should be noted that a limit of Rs 10 lakh applies to all transactions under LRS rather than individual categories. For example, a foreign tour package of Rs 6 lakh was purchased in a financial year. Two months later, you have invested Rs 4 lakh in foreign stocks. With these two transactions, your Rs. So after this, all other foreign payments made by you are under TCS as per the applicable rates.

TCS removal on remittance for education

Students studying abroad got a huge boost in this budget. Nirmala Sitaraman has been withdrawn on the money sent to students studying abroad. However, it should be a loan from a student bank or a financial institution. “To remove TCS on education related remittances, which limits the money and TCS from Rs 7 lakh to Rs 10 lakh under LRS. These changes not only make students and families easy to maintain educational costs abroad, but also provide more comfort to investors entering global markets including American shares, ”Indoian stock co -founder and CEO Nikhil and CEO Said.

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