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Budget Update: The government has helped the common man a lot, these 7 changes were also made regarding tax..

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The middle class is delighted with the announcement made by Finance Minister Nirmala Sitharaman regarding income tax in the budget of February 1. The Finance Minister has made income up to Rs 12 lakh tax free. This is being discussed everywhere. But the government has not made this announcement alone regarding tax, but has made 7 such announcements, which have benefited the common man a lot.

The limit of TDS on income from rent has been increased from 2.4 lakh to 6 lakh. That is, now TDS will not be deducted on annual rent up to Rs 6 lakh.

The limit of TDS deduction on interest income for senior citizens was earlier 50 thousand rupees, now it has been increased to 1 lakh. This will benefit senior citizens a lot.

Till now, 5 percent Tax Collected at Source (TCS) had to be paid on sending more than Rs 7 lakh for education and medical treatment. But now if you send Rs 10 lakh for the fees or other expenses of your children studying abroad, then you will not have to pay tax. On the other hand, if parents are paying the college fees of their children by taking a loan from a bank or any authorized institution, then TCS will not be deducted.

The limit for filing old income tax returns has also been announced to be increased in this budget. Now you will be able to file returns for the last 4 years. Earlier this limit was 2 years. That is, if a taxpayer has filed his return incorrectly or has not been able to file it, then he can correct this mistake by filing an updated return within 4 years.

Tax relief has also been given on self-occupied houses in the budget. Meaning, that if you have two houses and you live in both houses, then now you will be able to avail the benefit of tax on both properties. Earlier this relief was available only in one self-occupied house.

The Finance Minister announced that those who have old National Savings Scheme (NSS) accounts, which no longer get interest, withdrawals made after August 2024 will be made tax free. Many senior and very senior citizens of the country have old NSS accounts, which do not get interest. They will get a lot of relief from this.

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