Union Budget 2026: FM Nirmala Sitharaman Announced New Revised ITR Filing Deadline, Penalties

Union Budget 2026: FM Nirmala Sitharaman Announced New Revised ITR Filing Deadline, Penalties

Finance Minister Nirmala Sitharaman on Sunday announced that the review of the Income Tax Act, 1961, has been completed in record time, with the Income Tax Act, 2025, set to come into force from April 1, 2026. Simplified tax rules and redesigned forms will be notified shortly. This is aimed at enabling ordinary taxpayers to comply without professional assistance. As part of ease-of-living measures, interest awarded by Motor Accident Claims Tribunals to individuals will be fully exempt from income tax.

The government proposed sharp reductions in Tax Collected at Source (TCS). TCS on overseas tour packages will be cut to 2% from the current 5% and 20%, without any minimum amount condition. Similarly, TCS under the Liberalised Remittance Scheme for education and medical expenses will be reduced from 5% to 2%.

Manpower supply services will be explicitly covered under contractor payments for TDS purposes, attracting TDS of 1% or 2%, removing ambiguity. A rule-based automated mechanism will be introduced to allow small taxpayers to obtain lower or nil TDS certificates without approaching assessing officers.

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Видео Union Budget 2026: FM Nirmala Sitharaman Announced New Revised ITR Filing Deadline, Penalties канала Republic World