Salary & family pension deductions enhanced for new tax regime. Standard deduction up from Rs. 50K to Rs. 75K. Family pension deduction up to Rs. 25K/...
Income Tax: Proposed amendment to increase simple interest rate from 1% to 1.5% per month or part thereof on late payment of tax collected at source (TCS) to government account u/s 206C(7) of Income Tax Act. This aligns interest rate with provisions for late deposit of tax deducted at source (TDS) u/s 201(1A). Amendment effective from April 1, 2025 to address difficulty faced by collectee due to late payment of TCS to government.
Income Tax: Proposed amendment to increase simple interest rate from 1% to 1.5% per month or part thereof on late payment of tax collected at source (TCS) to government account u/s 206C(7) of Income Tax Act. This aligns interest rate with provisions for late deposit of tax deducted at source (TDS) u/s 201(1A). Amendment effective from April 1, 2025 to address difficulty faced by collectee due to late payment of TCS to government.
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