Post office deposits TDS threshold raised to Rs 40,000 in FY20

In a major relief to small savers, the TDS threshold on interest on bank and post office deposits has been raised to Rs 40,000 in the Interim Budget for 2019-20. Presenting the budget, Finance Minister Piyush Goyal announced that the TDS threshold on rental income had been increased from Rs 1.8 lakh to Rs 2.4 lakh. The earlier TDS threshold on the interest on such deposits was Rs 10,000.

(With inputs from agencies.)