New Delhi: In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced the extension of the time limit to file updated returns for any assessment year. She said that the time limit will be extended from the current two years to four years.
Presenting her eighth successive Budget this year, Sitharaman proposed the exemption of Tax Collected at Source in the education sector in cases where education loan is taken from specific financial institutions. The FM said that 33,000 taxpayers have availed Vivad Se Vishwas 2.0 scheme to settle disputes related to direct taxes.
Meanwhile, in good news for senior citizens, the Finance Minister announced the limit for tax deduction on interest income to double to Rs 1 lakh. She also proposes the limit for TDS on rent to be increased to Rs 6 lakh.
(This is a developing story)
Presenting her eighth budget, Finance Minister Nirmala Sitharaman announced the extension of the time limit to file updated returns for any assessment year. She said that the time limit will be increased to four years from the current two years. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
