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33,000 taxpayers have taken advantage of the dispute 2.0 scheme to settle direct tax disputes. The tax deduction limit on interest income for senior citizens will be doubled to ₹ 1 lakh. In addition, the duration of incorporation has been extended by five years to get tax benefits to startups in the budget.
Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025 on Saturday, announced that the tax deduction at the source or the annual limit of TDS will be increased from Rs 2.40 lakh to Rs 6 lakh. Nirmala Sitharaman also announced to extend the deadline for filing updated returns for any assessment year. It is proposed to extend the deadline from the current two years to four years.
While presenting the 14th consecutive budget under the Narendra Modi government since 2014, Sitharaman also proposed a discount of TCS (collected at source) to dispatch for the purposes of education in matters, where education loans specified financial institutions Has been taken from
He said that 33,000 taxpayers have taken advantage of the dispute 2.0 scheme to settle direct tax disputes. The tax deduction limit on interest income for senior citizens will be doubled to ₹ 1 lakh. In addition, the duration of incorporation has been extended by five years to get tax benefits to startups in the budget.
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