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The new Income-Tax Bill does not override the intent of the Income Tax Act, 1961, but simplifies its language and structure, says Lok Sabha Member Baijayant Panda, who chaired the 31-member select committee to review its draft. In an interview with Monika Yadav, Panda says with the rising number of filings, resources need to be scaled up.
Read more at: Business Standard
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Budget 2025 has increased the threshold limit to deduct TDS on house rent paid by non-individuals like companies, etc. Now TDS on house rent paid has to be deducted from the rent payment if the rent payment is Rs 50,000 per month or part of a month or more. Earlier this threshold was if the rent payment exceeded Rs 2.4 lakh per annum. This threshold limit was Rs 1,80,000 until FY 2018-19. This amendment will take effect from April 1, 2025.
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