Union Budget 2025, Feb. 1 -- Finance Minister Nirmala Sitharaman during Budget 2025 proposed to rationalise tax deduction at source (TDS) by reducing the number of rates and thresholds above which TDS is deducted .

She introduced a number of key reforms with regards to rent payments, remittances, higher education, sale of goods and decriminalisation of offenders.

Senior citizens: Limit for tax deduction on interest for senior citizens has been raised from Rs.50,000 to Rs.1 lakh.

Rent payment: The annual limit of 2.40 lakh for TDS on rent is raised to Rs.6 lakh.

This means while tenants are supposed to deduct TDS on rent given at the rate of Rs.20,000 a month was to be deducted. Now the limit is raised to Rs.50,000.

This is supposed t...