NEW DELHI: In a move to enhance taxpayer convenience and compliance, Finance Minister Nirmala Sitharaman, during the Union Budget 2025 presentation, announced the extension of the time limit for filing updated tax returns from the current two years to four years. This extension provides individuals and businesses with additional time to rectify and update their tax filings, promoting accuracy and voluntary compliance.
The Finance Minister also emphasized the government’s commitment to a taxpayer-friendly approach, stating, “The tax department will trust first, scrutinize later.” This philosophy aims to build trust between taxpayers and the tax administration, encouraging timely and accurate tax submissions.
Additionally, the budget proposes the exemption of Tax Collected at Source (TCS) for remittances made for education purposes, specifically in cases where the education loan is obtained from specified financial institutions. This measure is designed to alleviate the financial burden on students pursuing education abroad and their families.
These initiatives reflect the government’s ongoing efforts to simplify the tax system, reduce compliance burdens, and foster a more transparent and taxpayer-centric environment.
Source: Web Team, C6N
