Finance Minister Nirmala Sitharaman on Sunday unveiled several tax-related measures aimed at easing compliance and providing relief to taxpayers.
The new Income Tax Act will come into effect from April, and the tax return filing deadline has been extended to March 31, giving individuals and businesses additional time to comply.
On international taxation, the Finance Minister announced that foreign nationals residing in India for up to five years will receive relief on earnings sourced outside India, simplifying tax liability for short-term residents.
Additionally, Ms. Sitharaman proposed that any interest awarded by the Motor Accident Claims Tribunal to a natural person will be exempt from income tax, and TDS on such interest will be abolished, providing direct financial relief to victims and claimants.
These measures are part of the government’s broader effort to ease compliance, reduce procedural hurdles, and support taxpayers across various segments.