New Delhi, March 9 -- The new income tax bill has changed the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) rules several times. These changes were announced in Budget 2025 and will be effective from April 1, 2025. The bill has proposed increasing the threshold limit of tax for various provisions. TDS is applicable to various payments based on specified thresholds and rates. These reforms aim to ease tax compliance for taxpayers and traders, eliminating unnecessary complexities.

One of the key changes is the increase in TCS on foreign remittances under the Liberalized Remittance Scheme (LRS), which has risen from 20% to 22% for amounts over Rs.7 lakh per year. This will impact overseas education, travel, and investments....