New Delhi, Feb 1 (PTI) Finance Minister Nirmala Sitharaman on Sunday proposed to increase time limit for filing revised income tax (I-T) return from December 31 to March 31, on payment of nominal fee.

The government also proposed reduction in TCS rate for pursuing education and medical education under liberalised remittance scheme from 5 per cent to 2 per cent.

Tax Collected at Source (TCS) rate on sale of overseas tour packages was announced to cut to 2 per cent from 5 per cent. The rate was 20 per cent earlier.

She also proposed a rule-based automated process for small taxpayers in FY27 Budget.

In her Budget speech, Sitharaman announced a proposal to exempt award given by Motor Accident Claims Tribunal from income tax. PTI TEAM TRB

Income tax: revised return deadline extended to March 31; certain TCS rates reduced; MACT awards exempted. Extension of the revised income tax return filing deadline from December 31 to March 31 on payment of a nominal fee; introduction of a rule-based automated compliance process for small taxpayers in FY27; reduction of TCS to 2% for education and medical remittances under the Liberalised Remittance Scheme and to 2% on sale of overseas tour packages (down from 5%); and exemption of Motor Accident Claims Tribunal awards from income tax.