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|---|---|---|---|---|
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Earlier, TDS applied that if the total win in a financial year crossed ₹ 10,000. Now, TDS will be cut off at each win above ₹ 10,000.
The rule comes under Section 194B of the Income Tax Act.
This step aligns with the government’s widespread efforts to increase transparency and compliance in tax collection.
The budget has also increased the TD and Tax collected on the source (TCS) threshold in other income categories including mutual funds, dividends and commissions.
With the new rule, individuals who win many small amounts throughout the year can now face tax deduction more often. The change ensures that tax is collected, reducing the possibility of tax evasion.
Additionally, Budget 2025 has extended the threshold for tax collected on the source (TCS) on removal under the liberal remittance scheme (LRS).
The limit has increased from ₹ 7 lakh to ₹ 10 lakh.
The government has also removed TCS on education remittances made through loans from specified financial institutions. If you send money abroad for education without loan, then 5% TCS applies above 7 lakhs. For medical expenses, 5% TCS rules remain unchanged.
Investments, gifts and other dispatch abroad still attract 20% TCS for zodiac signs above ₹ 7 lakh.
Commenting on development, Pavan Kavad – Managing Director of Prithvi Exchange (India), said, “It is a positive step for LRS to increase the TCS limit from ₹ 7 lakh to ₹ 10 lakh which is a positive step that individuals paying foreigners But the tax will help reduce the burden.
(Tagstotransite) Income Tax (T) Tax New Rules (T) TDS (T) Source (T) Budget 2025 (T) TDS Taxation (T) Budget Change
