Budget 2025: In this year’s budget, Finance Minister Nirmala Sitharaman has made many big announcements for taxpayers. The Finance Minister has announced to increase the time limit for filing revised income tax to four years.
Let us tell you that currently the time limit for filing revised income tax is two years. This is a big relief for those who are unable to file income tax returns on time or make some mistakes.
Many big announcements were made
Apart from this, the limit of TDS for senior citizens was made Rs 1 lakh in the budget. The Finance Minister said that the annual limit of TDS on rent will be increased from Rs 2.40 lakh to Rs 6 lakh.
These are also announced
Salaried people have got a big relief in the budget. In the new tax system, there will be no tax on annual income up to Rs 12 lakh. The Finance Minister said that those with an annual income of up to Rs 12 lakh will get a benefit of Rs 80,000 by not paying any tax. At the same time, a person with an annual income of Rs 18 lakh will get a tax benefit of Rs 70,000. Apart from this, the limit of TDS deduction under RBI’s Liberalized Remittance Scheme (LRS) will be increased from Rs 7 lakh to Rs 10 lakh.
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