Extract of certain direct tax proposal from Budget Speech 1. Announces measures for middle class: NIL tax slab for personal taxes increased to INR 12 lakhs (new regime) This limit will be 12.75 lakh (including standard deduction) for salaried class Slabs and rates being changed across levels (new regime) 2. Presumptive tax regime for certain NRs providing services to residents 3. Assessable value (AV) of SOP house property is NIL only on fulfillment of conditions - now, AV of two SOPs can be NIL without any conditions 4. Reduce litigation in international taxation - expand safe harbor rules 5. Proposes to reduce compliance burden on small charitable trust and institutions by increasing registration period form 5 years to 10 years 6. Updated return facility - extend time limit for filing updated ROI from 2 yrs to 4 yrs 7. Both TDS and TCS applied on any transaction on sale of goods - propose to omit TCS 8. Remove TCS on loan taken from educational institution 9. limit for tax deduction of interest for senior citizens to be doubled from Rs. 50,000 to Rs. 1,00,000 and also propose reducing TDS rates, threshold 10. The threshold to collect TCS on remittances under LRS increased from Rs 7 lakhs to Rs 10 lakhs 11. TDS limit under Section 194-I on rent increased from 2.4 lakhs to Rs. 6 lakhs Follow for more updates.