Salary Revision from April 1! How Updated Tax Rules on TDS, TCS & Rent Impact You?

Starting April 1, 2025, several major financial changes will come into effect. The personal income tax exemption limit has been increased to ₹12 lakh, along with a standard deduction of ₹75,000. This means individuals earning up to ₹12.75 lakh won’t have to pay any income tax, and no TDS will be deducted for those within this range. The government has also simplified TDS and TCS rules by removing TCS on goods sales and eliminating higher TDS rates for non-filers. Additionally, the TCS threshold for overseas tour packages has been raised to ₹10 lakh. Senior citizens will benefit from a higher TDS exemption on interest income, now set at ₹1 lakh. Meanwhile, businesses can now carry forward losses for up to eight years from the year of occurrence. To enhance security, GST filings will require multi-factor authentication. Moreover, taxpayers now have the option to file updated tax returns for up to four assessment years. These changes aim to improve cash flow and make tax compliance easier.