On February 1, 2026, Finance Minister Nirmala Sitharaman presented the Union Budget 2026, laying out a reform agenda that emphasises tax certainty, simplification of compliance, and targeted sectoral growth. Rather than headline-grabbing rate changes, the Budget focuses on fine-tuning the tax framework to reduce litigation, promote voluntary compliance, and improve the ease of doing business for individuals and enterprises alike. This article provides a comprehensive overview of all the amendments proposed in the Finance Bill 2026, including:
‣ Income-Tax Act ('ITA')
• Tax Rates
• Business Income
• Capital Gains
• Other Sources
• Registered NPO
• Exemptions and Deductions
• TDS/TCS
• Return of Income
• Assessment
• Penalty and Prosecution
• Miscellaneous
‣ Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026
‣ GST
‣ Excise
‣ Customs
