New Delhi, Feb. 1 -- Presenting the Budget 2025-26 in the Lok Sabha, Union Finance Minister Nirmala Sitharaman increased the tax deduction at source (TDS) threshold on rent. The Union Finance Minister today proposed in her speech an increase in the tax threshold on rent to Rs. 6 Lakh from Rs. 2.4 Lakh per annum.

She also doubles the limit for tax deduction on interest earned by senior citizens from the present Rs. 50,000 to Rs. 1 Lakh.

Encouraging voluntary compliance, the Budget extends time-limit to file updated returns for any assessment year, from the current limit of two years, to four years.

Over 90 lakh taxpayers paid additional tax to update their income.

Small charitable trusts/institutions have been given the benefit by incr...