00:00Older women often invest a large amount in banks, FDs or other schemes and manage their expenses with the interest they receive.
00:08Many times they don't even know that the government is taking TDS on the interest they receive.
00:13Despite knowing this many times, they are unable to save it.
00:16On February 1, the government has given relief to all, including the elderly, from the TDS in the previous budget.
00:21This decision has been taken while keeping the middle class in mind.
00:25Taxpayers have been given 12,75,000 INR tax relief and TDS relief.
00:32In this series of Personal Finance, we are giving you the details of the new rules and benefits of TDS from April.
00:40We are also telling you how to avoid TDS, which banks often don't tell investors.
00:46They cut TDS and give it to the government.
00:49In this, the TDS of people whose income is not in the range of income tax is also cut.
00:54Unknowingly, they have to pay tax on their small income.
00:58TDS is a tax collection system.
01:02In this, taxpayers pay the government by deducting tax on fixed rates before any payment.
01:09This tax is usually applicable to salary, rent, commission, professional fees, interest, etc.
01:16Assume that a tenant is giving you rent.
01:19If TDS is made on the amount of rent, the tenant will deduct it and then pay.
01:24He will give the deducted amount to the government.
01:27On February 1, 2025, the Finance Minister, Nirmala Sitharaman, has given relief to TDS while taking care of the middle class.
01:36If we talk about the rules of TDS that will change from April 1,
01:40The budget for the elderly will be implemented from April 1.
01:44In this, 10% TDS will be imposed on the income from the interest of the elderly.
01:49Earlier, the income limit was Rs 50,000 per annum, which has now been reduced to Rs 1 lakh.
01:54That is, no TDS will be imposed on the income of Rs 1 lakh per annum.
01:57As soon as Rs 1 lakh is 1 rupee or more, 10% TDS will have to be given to the government.
02:02If a common citizen invests money in any scheme to make an income from the interest,
02:07then he had to pay 10% TDS on an income of more than Rs 40,000.
02:11This TDS bank used to deduct it and put it in the government's account.
02:15Now, from April 1, the limit has been increased to Rs 50,000.
02:19That is, now TDS will have to be paid on a monthly income of more than Rs 50,000.
02:24Now, if we talk about saving TDS, then it is seen that
02:27in any scheme, the annual income of the person making an income from the interest
02:33is not within the scope of the income tax.
02:35Still, he has to pay TDS.
02:38In other words, the bank deducts TDS without informing him and puts it in the government's account.
02:43Many times, if there is no PAN update in the bank, this amount is deducted up to 20%.
02:48In this case, the question is that despite not being within the scope of the income tax,
02:51will he have to pay TDS?
02:54The answer is no.
02:55For this, the bank will have to fill out a special form.
02:58If your entire income is not taxable, then the bank will have to fill out Form 15-G and 15-H.
03:06If the tax has been deducted, then the ITI can be filled out and the tax refund can be taken.
03:10Investors should try to invest in such schemes in which TDS is not done,
03:15such as Kisan Vikas Path.
03:17It is better to invest in different banks and different schemes rather than investing in the same scheme.
03:23This way, even if you have to deduct money from one scheme,
03:26the final and loss will not be much.
03:28What is your opinion on this news?
03:30Give us your opinion in the comment box.
03:32Keep watching Good Returns for such updates.
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