
Budget 2025 proposes to put more money in the hands of the middle class and senior citizens. This has been done by hiking the threshold limit by Rs 10,000 for general citizens and doubling it for senior citizens. As per the proposal, tax from FD, RD interest, etc., will be deducted only if it crosses the limit of Rs 50,000 in a financial year for the general public.
For senior citizens, tax will be deducted only if interest income from savings accounts, FDs, RDs, etc., crosses the limit of Rs 1 lakh in a financial year. Currently, the threshold for the general public is Rs 40,000, and for senior citizens, it is Rs 50,000. This will change on April 1, 2025.