India, Feb. 5 -- Finance minister Nirmala Sitharaman introduced several tax reforms in the Budget 2025 intended to benefit middle-class taxpayers, including senior citizens.

One such example is the new income tax exemption limit to Rs.12 lakh in the new tax regime.

Another example is the simplification of Tax Deducted at Source (TDS) compliance.

For senior citizens investing in fixed deposits, the threshold of TDS on interest income exceeding Rs.50,000 was raised to Rs.1 lakh starting from the financial year 2025-26.

Also the annual TDS limit on rent was increased from Rs.2.40 lakh to Rs.6 lakh per year. Previously, tenants had to deduct TDS at a rate of 10% before paying rent.

This aims to decrease the number of transactions subject...