New Delhi. Finance Minister Nirmala Sitharaman, while presenting the budget 2025 in the Lok Sabha on Saturday, announced that the elderly citizens are giving gifts in interest from their FD or similar investment. According to Finance Minister Sitharaman, if the elderly are getting interest up to 1 lakh annually on FD or any same investment, then TDS will not be deducted on it. Earlier, this limit was up to Rs 50000 for the elderly. Now the youth will also be wondering whether Finance Minister Nirmala Sitharaman has given the same gift on their FD or like this?
The answer to this question is in ‘yes’. If a youth has made an FD or any similar investment, then he will get exemption from TDS on the interest received. The Finance Minister for the youth has reduced TDS not to deducts the interest to 50000. Earlier this limit was 40000 rupees annually. That is, interest has been given a discount of Rs 10,000 on the FD of the youth. In this way, a major headache for the youth has been removed by Finance Minister Nirmala Sitharaman. Banks will also benefit from increasing the limit of TDS on interest of investment of elderly and youth. They will have more liquidity. These TDS rules will be applicable from 1 April 2025.
TDS means tax deducted at source. On receiving more interest than the limit fixed by the government, banks, post office Wagaira TDS are deducted and deposited in the income tax account. Whose TDS is cut, if he does not fall under the tax, then income tax returns can be withdrawn and withdrawn. If someone does not come in any slab of income tax, he can file Form 15H in the bank or post office. Banks do not cut TDS on filing this form.
