Finance Minister Nirmala Sitharaman has introduced several key changes in the Budget 2025

Budget 2025 tax returns extended to 4 years, set forth FM Sitharaman latest news: Finance Minister Nirmala Sitharaman has introduced several key changes in the Budget 2025, aimed at providing relief to taxpayers and fostering economic growth.

Extended Deadline for Updated Tax Returns
The deadline to file updated tax returns has been extended from 2 years to 4 years. This extension is designed to give taxpayers more time to correct any errors or omissions in their tax filings.

Increased Nil Tax Slab
The nil tax slab has been raised from ₹7 lakh to ₹12 lakh. Individuals earning up to ₹12 lakh annually will now be exempt from paying income tax. This change is expected to increase disposable income and promote savings.

Exemption of TCS for Education Loans
Tax Collected at Source (TCS) on remittances for education purposes will be exempted if the education loan is from specified financial institutions. This move aims to reduce the financial burden on students and their families.

Enhanced Tax Benefits for Senior Citizens
The tax deduction limit on interest income for senior citizens has been doubled to ₹1 lakh. Additionally, the threshold for Tax Deducted at Source (TDS) on rent is proposed to be increased to ₹6 lakh, providing further financial relief.

Support for Startups
The budget extends the incorporation period by five years for startups to avail tax benefits, encouraging entrepreneurship and innovation.

Vivad Se Vishwas 2.0 Scheme
Sitharaman noted that 33,000 taxpayers have utilized the Vivad Se Vishwas 2.0 scheme to settle direct tax disputes, reflecting a positive response to the government's dispute resolution initiatives.

Overall, Budget 2025 focuses on providing relief to taxpayers, supporting senior citizens, and creating a favorable environment for startups and education.

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