FM proposes to increase time limit for filing revised IT returns from Dec 31 to Mar 31

Finance Minister Nirmala Sitharaman on Sunday proposed to increase time limit for filing revised income tax (I-T) return from December 31 to March 31, on payment of nominal fee. The government also proposed reduction in TCS rate for pursuing education and medical education under liberalised remittance scheme from 5 per cent to 2 per cent. Tax Collected at Source (TCS) rate on sale of overseas tour packages was announced to cut to 2 per cent from 5 per cent. The rate was 20 per cent earlier. She also proposed a rule-based automated process for small taxpayers in FY27 Budget. In her Budget speech, Sitharaman announced a proposal to exempt award given by Motor Accident Claims Tribunal from income tax.