New tax regime, TDS relief on house rents make people upbeat

THE TAX PROFESSIONAL SAID THAT THE MIDDLE CLASS, HAVING ANNUAL INCOME BELOW THE TAXABLE BAR, WOULD HAVE THE REASON TO FEEL GOOD

- Subhash Pathak

PATNA: People hailing from the middle class seem to have found some solace in raising the bar of taxable income, amid burgeoning price rise, decreasing source of income and joblessness.

Regarding increased threshold of total deduction at source (TDS) on housing rent from ₹2.4 lakh to ₹6 lakh and simplified provisions for self-occupied property, say they are all related to the income tax.

Akhilesh Kumar, a Khajpura native and small-time businessman, said that the relief on TDS on rent is beneficial to those having annual income in the range of ₹12 lakh to ₹25 lakh. "House owners, who earn up to ₹25 lakh from renting their property, can save up to ₹1.50 lakh from taxes and invest it," said Kumar, adding that increase in TDS has simplified the procedure for landowners.