The Finance Minister, Smt. Nirmala Sitharaman presented the Union Budget 2026, outlining major policy announcements across sectors. The proposals reflect the Government’s priorities on taxation, growth, and economic stability.
Here’s a Snapshot of the Top 10 Changes:
1. Income of a foreign company arising from the procurement of data centre services from a specified Indian data centre shall be exempt from tax up to 31 March 2047.
2. No deduction shall be allowed for interest expenditure incurred for earning dividend income or income from units of mutual funds.
3. Income of a foreign company from providing capital goods, equipment, or tooling to an electronic goods contract manufacturer located in a customs bonded area shall be exempt from tax.
4. A uniform TCS rate of 2% shall apply to alcoholic liquor, scrap, minerals, tendu leaves, specified LRS remittances, and overseas tour packages.
5. Taxpayers may file an updated return by paying an additional 10% tax, even after receiving a reassessment notice.
6. The due date for filing ITRs for non-audit business cases and partners of non-audit firms is proposed to be extended from 31 July to 31 August.
7. A revised return may be filed between 9 and 12 months from the end of the relevant tax year, subject to payment of a prescribed fee.
8. A scheme is introduced for small taxpayers to disclose legacy foreign assets by paying a specified tax or fee.
9. An updated return can be filed even if the taxpayer reduces the amount of loss claimed in the original return filed by the due date.
10. The Security Transaction Tax is increased on derivative transactions.
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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