https://www.taxtmi.com/news?id=32329 The Budget proposes a replacement of the long-standing income tax law with a simpler statute, extends the updated return filing window to enhance voluntary disclosure, and implements a restructured new income tax regime with revised slabs and limited deductions to ease tax incidence on middle income taxpayers. It also rationalises TDS/TCS by raising withholding thresholds, doubling the senior citizen interest TDS limit, increasing the remittance TCS threshold under the liberalised remittance scheme, and exempting TCS on certain education loan funded remittances to reduce compliance burdens. en-us Sat, 01 Feb 2025 13:46:03 +0530 Sat, 01 Feb 2025 13:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=32329 The Budget proposes a replacement of the long-standing income tax law with a simpler statute, extends the updated return filing window to enhance voluntary disclosure, and implements a restructured new income tax regime with revised slabs and limited deductions to ease tax incidence on middle income taxpayers. It also rationalises TDS/TCS by raising withholding thresholds, doubling the senior citizen interest TDS limit, increasing the remittance TCS threshold under the liberalised remittance scheme, and exempting TCS on certain education loan funded remittances to reduce compliance burdens. News - Sat, 01 Feb 2025 13:46:03 +0530 https://www.taxtmi.com/news?id=32329