Union Budget 2024: India’s Finance Minister Nirmala Sitharaman announced the simplification of taxation rules through the Tax Deducted at Source (TDS) rate structure in the Budget 2024 announcement.
The TDS rates under the payment in respect of life insurance policy, payment of insurance commission, commission etc on sale of lottery tickets, payment of commission or brokerages, payment of rent by individual or Hindu undivided family (HUF), payment of certain sums by certain individuals or HUF, payment of certain sums by e-commerce operator to e-commerce participants, are proposed to be reduced to 2 per cent from 5 per cent.