The Finance Minister, Smt. Nirmala Sitharaman has presented the Union Budget 2026, announcing a series of measures to strengthen tax administration, improve compliance flexibility, and support strategic sectors. Here's a snapshot of the top 10 changes:
▸Data centre services income exempt till 31 March 2047
▸Interest deduction disallowed for dividend & MF income
▸Tax exemption for electronics supply to bonded units
▸Uniform 2% TCS on liquor, scrap, minerals, LRS & tour packages
▸Updated return allowed with 10% additional tax post-notice
▸ITR due date extended to 31 August (non-audit cases)
▸Revised return window – 9-12 months with fee
▸Legacy foreign asset disclosure scheme for small taxpayers
▸Loss reduction permitted in updated return
▸STT increased on derivative transactions
