How does the relaxing of TDS and TCS norms in the Union Budget 2025 benefit taxpayers and businesses
What impact will the changes in Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rules have on the financial landscape of the country?
- Relaxing TDS and TCS norms in the Union Budget 2025 will benefit taxpayers and businesses by reducing the compliance burden and improving cash flow.
- For taxpayers, it means lesser tax deduction at the source, leading to greater liquidity. Businesses will have more funds at their disposal for operations and investments.
- These changes can foster a more conducive environment for economic growth, as businesses can use the released funds for expansion, innovation, and job creation.
- Moreover, simplified TDS and TCS rules can encourage compliance and reduce the administrative burden on both taxpayers and authorities.
- All in all, the relaxed norms in TDS and TCS can positively impact the financial landscape by boosting liquidity, promoting growth, and enhancing ease of doing business.
Answered
3 months ago