New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced extension of the time limit for filing updated returns for any assessment year, proposing to be extended from the current two years to four years.
“The Government under the leadership of Prime Minister Modi believes in “Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas”. In line with this, we brought in updated return facility in 2022 for voluntary compliance by taxpayers who had omitted to report their correct income. Our trust in taxpayers was proved right. Nearly 90 lakh taxpayers voluntarily updated their incomes by paying additional tax. Taking this trust further, I now propose to extend the time-limit to file updated returnsfor any assessment year, from the current limit of two years, to four years.”
Presenting the 14th consecutive Budget under the Narendra Modi government since 2014, and 8th of Sitharaman’s Budget, the FM also proposed the exemption of TCS (tax collected at source) for remittances for education purposes in cases where education loan is taken from specified financial institutions.
She added that 33,000 taxpayers have availed Vivad Se Vishwas 2.0 scheme to settle direct tax disputes.
The limit for tax deduction on interest income would be doubled to Rs 1 lakh for senior citizens, and the limit for TDS on rent is proposed to be increased to Rs 6 lakh.
Besides, the budget extends the period of incorporation by five years for startups to avail of tax benefits.
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