New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Sunday proposed extending the deadline for filing revised income tax (I-T) returns from December 31 to March 31 on payment of a nominal fee.
Presenting the Union Budget, the Finance Minister also announced a reduction in the Tax Collected at Source (TCS) rate under the Liberalised Remittance Scheme for education and medical treatment abroad from 5 per cent to 2 per cent.
She further proposed cutting the TCS rate on the sale of overseas tour packages to 2 per cent from the existing 5 per cent. The rate had earlier been as high as 20 per cent.
In addition, Sitharaman announced a rule-based automated process for small taxpayers in the FY27 Budget to simplify compliance. She also proposed exempting awards granted by Motor Accident Claims Tribunals from income tax. (Agencies)
