Budget 2020

Govt proposes to raise TDS on interest income to Rs 40,000

PTI New Delhi | Updated on February 01, 2019 Published on February 01, 2019

Finance Minister Piyush Goyal on Friday proposed to increase the limit for tax deduction at source (TDS) on interest income from ₹ 10,000 to ₹ 40,000 per annum.

The proposal will benefit senior citizens and small depositors who depend upon income from interest on deposits in banks and post offices, he said while presenting Budget 2019-20.

Under the current norms, they are required to seek refund on tax deducted on interest income beyond ₹ 10,000 per annum.

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Published on February 01, 2019
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