Announcing the 14th consecutive Budget under the Narendra Modi government since 2014, Finance Minister Nirmala Sitharaman announced that the time limit to file the updated tax returns has been proposed to 4 years from the current limit of 2 years.Click here for Budget live updatesSitharaman also announced significant tax benefits in Budget 2025. The nil tax slab has been raised from ₹7 lakh to ₹12 lakh, providing major relief to taxpayers. With the new changes, individuals earning up to ₹12 lakh will not have to pay any income tax. The move is expected to boost disposable income and support savings.
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 ₹1 lakh for senior citizens, and the limit for TDS on rent is proposed to be increased to ₹6 lakh.Besides, the budget extends the period of incorporation by five years for startups to avail of tax benefits.Also Read : Budget 2025: No income tax payable on income up to ₹12 lakh under the new regimeFirst Published: Feb 1, 2025 12:24 PM IST
