Hyderabad, Feb. 1 -- Finance Minister Nirmala Sitharaman on Sunday, February 1, proposed to increase the time limit for filing the revised income tax returns (ITR); however, no changes were made to income tax (IT) rates and slabs.

The government also proposed a reduction in the tax collected at source (TCS) rate for pursuing education and medical education under the liberalised remittance scheme.

IT rates, slabs

The tax rates under the new tax regime, which is the default tax regime for Individuals, Hindu undivided family (HUF), association of persons (AOP)/body of individuals (BOI), and artificial juridical persons (AJP), are as follows:

However, for annual year (AY) 2026-27, a maximum rebate of Rs 60,000 is allowed under Section 87A...