(ET)
This will be a huge relief to those taxpayers who keep a large amount of money in their invest money in bank fixed deposits and various post office deposit schemes. Finance Minister Piyush Goyal, in his interim budget 2019 speech has proposed to raise the limit TDS threshold to Rs 40,000 from Rs 10,000 currently. This will be a huge relief to those taxpayers who keep a large amount of money in their invest money in bank fixed deposits and various post office deposit schemes.
Currently, for Hindu Undivided Families (HUFs) and individuals aged up to 60 years, interest up to Rs 10,000 earned on a savings account, whether held with a bank (nationalised or co-operative) or post office is allowed as a deduction in a single financial year.
