India, Feb. 1 -- Finance Minister Nirmala Sitharaman on Sunday proposed extending the deadline for filing revised Income Tax (I-T) returns from December 31 to March 31, allowing taxpayers additional time to make corrections upon payment of a nominal fee.
In a relief for students and families sending money abroad, the government also proposed reducing the Tax Collected at Source (TCS) rate to 2% from 5% for education and medical expenses under the Liberalised Remittance Scheme (LRS).
Additionally, the TCS rate on overseas tour packages will be lowered to 2% from 5%, providing further relief to travellers. Notably, the rate had earlier been as high as 20%.
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