New option to update ITRs
Taxpayers will be allowed to update income tax returns even after reassessment by paying an additional 10% tax. The time limit for revising returns has been extended with a nominal fee. Individuals filing ITR-1 and ITR-2 can continue to file returns until July 31, while non-audit cases and trusts will have time until August 31.
NRI property transactions
For UAE-based NRIs selling property in India, compliance will become simpler. Tax deducted at source (TDS) on such transactions will now be handled by the resident buyer, removing the earlier requirement linked to obtaining a TAN.
Justin is a personal finance author and seasoned business journalist with over a decade of experience. He makes it his mission to break down complex financial topics and make them clear, relatable, and relevant—helping everyday readers navigate today’s economy with confidence.
Before returning to his Middle Eastern roots, where he was born and raised, Justin worked as a Business Correspondent at Reuters, reporting on equities and economic trends across both the Middle East and Asia-Pacific regions.
