Income Tax Amendments in Budget 2026: Topic-wise Summary of Key Proposals

CA Varun Gupta | Last updated: 02 February 2026

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The Union Budget 2026-27 introduces significant amendments to income tax laws, aiming for simplification and ease of living for taxpayers. Key changes include the introduction of a new Income-tax Act from April 2026, redesigned return forms, and exemptions for MACT interest. The budget also revises Tax Collected at Source (TCS) rates, simplifies TDS procedures, and extends timelines for revised returns and ITR filings.

The Union Budget 2026-27 has been presented and the Government announced several amendments relating to Income-tax. A topic-wise summary of the key Direct Tax (Income-tax) proposals is provided below for your quick reference. The relevant extract from the Budget Speech has also been attached with this article. If you have any questions or require clarification on any of the points, please feel free to contact me using the details mentioned at the end of the article. A) New Income-tax Act, 20

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

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3 Months PLAN

999

(Excl. of GST ₹179)

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CA Varun Gupta

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For any query, or if you face any issue in Income Tax or GST-especially in cases involving legal proceedings, notices, litigation, or demand matters-please feel free to contact us at the details mentioned below: Mobile: +91-9818640458 Email: varunmukeshgupta96 @ gmail.com

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