Interim Budget brings relief for taxpayers as compliance burden decreases

If one strings together various proposals, the compliance burden on many taxpayers will be lower from the next financial year. Tax rebate and standard deduction were the most discussed proposals since they directly impact taxpayers. But a series of proposals in different areas could reduce the paper trail. Take for example the increase in threshold for tax deducted at source (TDS) for bank and post office deposits. At present, if an individual earns more than Rs 10,000 interest on a deposit, banks deduct the tax and deposit it with the income-tax (I-T) department.  The limit h.....

Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.

Outbrain