Revised IT Returns: Deadline Extended to March 31
x
FM proposes extending the deadline for revised income tax returns to March 31. TCS rates reduced for education & overseas tours. FY27 Budget updates.
Photograph: Jitender Gupta/ANI Photo
New Delhi, Feb 1 (PTI) 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 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.
The government also proposed 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.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Alstone-Textiles
- 0.13 ( 0.00)
- 141889384
- Spicejet
- 13.88 ( -1.84)
- 51432463
- Suzlon-Energy
- 52.94 (+ 5.33)
- 22523092
- Sunshine-Capital
- 0.23 (+ 4.55)
- 21066007
- Vodafone-Idea
- 9.62 (+ 0.94)
- 19122961
MORE NEWS
© 2026 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback