Budget 2025: New deadline to file updated tax returns was extended to 4 years, FM Sitarman announces – CNBC TV18

Announcing the 14th consecutive budget under the Narendra Modi government since 2014, Finance Minister Nirmala Sitarman announced that the deadline for filing the return tax has been proposed for 4 years from the current limit of 2 years.

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Sitarman also announced significant tax benefits in Budget 2025. Nil Tax Slab has been increased from ₹ 7 lakh to ₹ 12 lakh, which gives great relief to taxpayers. With new changes, individuals who earn up to 12 lakhs will not have to pay any income tax. The move is expected to promote disposable income and support savings.

FM also proposed exemption of TCS (collected at source) for dispatch for education purposes in cases where education loans are taken from specified financial institutions.

He said that 33,000 taxpayers have taken advantage of Vishwas 2.0 scheme from Viwad to settle direct tax disputes.

Tax deduction limit on interest income will double It is proposed to increase the limit of 1 lakh for senior citizens, and TDS on rent 6 lakhs.

In addition, the budget expands the duration of incorporation up to five years for startups to avail tax benefits.

Read : Budget 2025: No income tax payable on income up to ₹ 12 lakhs under new rule