The Finance Minister, Smt. Nirmala Sitharaman announced various proposals for individual taxpayers in the Union Budget 2026.
Here’s a Quick Snapshot of Key Proposals:
1. No change in tax rates for individual taxpayers under either the old or the new tax regime.
2. Interest awarded to an individual or legal heir under the Motor Vehicles Act, 1988, is exempt from tax, and no TDS shall apply on such interest.
3. Resident individuals and HUFs are not required to obtain a TAN for TDS compliance when paying consideration for the purchase of immovable property from a non-resident.
4. Disability pension received by armed forces and paramilitary personnel is exempt only where the individual is invalided out due to service-related disability and not where retirement occurs on superannuation or otherwise.
5. Non-resident individuals rendering services in India under a notified Government scheme are exempt from tax on foreign-sourced income for five consecutive tax years.
6. The due date for filing the return of income is extended from 31 July to 31 August for nonaudit business cases and partners of non-audit firms.
7. Investors earning dividends or interest from multiple securities or units may submit a declaration for non-deduction of TDS to the depository instead of multiple payers.
8. TCS rates on LRS remittances for education or medical purposes and overseas tour packages are rationalised to a largely uniform rate of 2%.
9. Section 263 [Sec. 139 of ITA 1961] permits taxpayers to file updated returns even after receipt of reassessment notice under section 280 [Sec. 148 of ITA 1961], subject to payment of an additional 10% tax and interest payable.
10. The Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS 2026) is introduced to enable small taxpayers to voluntarily disclose legacy foreign assets, such as ESOPs or dormant bank accounts, upon payment of a prescribed tax or fee.
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A Glimpse of the People Behind Taxmann
Naveen Wadhwa Research and Advisory [Corporate and Personal Tax]
Chartered Accountant (All India 24th Rank)
14+ years of experience in Income tax and International Tax
Expertise across real estate, technology, publication, education, hospitality, and manufacturing sectors
Contributor to renowned media outlets on tax issues
Vinod K. Singhania
Expert on Panel | Research and Advisory (Direct Tax)
Over 35 years of experience in tax laws
PhD in Corporate Economics and Legislation
Author and resource person in 800+ seminars
V.S. Datey
Expert on Panel | Research and Advisory [Indirect Tax]
Holds 30+ years of experience
Engaged in consulting and training professionals on Indirect Taxation
A regular speaker at various industry forums, associations and industry workshops
Author of various books on Indirect Taxation used by professionals and Department officials
S.S. Gupta
Expert on Panel | Research and Advisory [Indirect Tax]
Chartered Accountant and Cost & Works Accountant
34+ Years of Experience in Indirect Taxation
Bestowed with numerous prestigious scholarships and prizes
Author of the book GST – How to Meet Your Obligations', which is widely referred to by Trade and Industry
Manoj Fogla
Expert on Panel | Research and Advisory [Charitable Trusts and NGOs]
Over three decades of practising experience on tax, legal and regulatory aspects of NPOs and Charitable Institutions
Law practitioner, a fellow member of the Institute of Chartered Accountants of India and also holds a Master's degree in Philosophy
PhD from Utkal University, Doctoral Research on Social Accountability Standards for NPOs
Author of several best-selling books for professionals, including the recent one titled 'Trust and NGO's Ready Reckoner' by Taxmann
Drafted publications for The Institute of Chartered Accountants of India, New Delhi, such as FAQs on GST for NPOs & FAQs on FCRA for NPOs.
Has been a faculty and resource person at various national and international forums
the UAE
Chartered Accountant (All India 36th Rank)
Has previously worked with the KPMG
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