Which of the following statements is/are correct regarding the taxation and financial reforms announced in the Union Budget 2025-26?

1. No Income Tax is applicable for annual incomes up to ₹12 lakh, and the tax rate for salaried taxpayers has been extended to ₹12.75 lakh with deductions.

2. The Tax Deducted at Source (TDS) on rent has been increased from ₹2.4 lakh to ₹6 lakh, reducing the tax compliance burden.

3. The time limit for updated tax returns has been extended from 2 years to 4 years, making it easier for taxpayers to comply voluntarily.