 Early Times Report
New Delhi, Feb 1: 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 a 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. |