The Finance Minister, Smt. Nirmala Sitharaman, has unveiled a set of measures in the Union Budget 2026 aimed at providing stability, easing compliance, and offering targeted relief to individual taxpayers. These proposals reinforce continuity in tax rates while simplifying procedures and expanding relief measures for specific categories of taxpayers. The key proposals include:
▸ No change in tax rates under both old and new tax regimes
▸ Tax exemption (and no TDS) on interest awarded under the Motor Vehicles Act
▸ TAN not required for resident individuals/HUFs when buying property from non-residents
▸ Five-year tax exemption for notified non-resident professionals on foreign income
▸ ITR filing deadline extended to 31 August for non-audit cases
▸ TCS on LRS (education, medical & overseas tours) rationalised to 2%
▸ Updated return allowed even after reassessment notice, with additional tax
▸ FAST-DS 2026 launched for voluntary disclosure of legacy foreign assets
