Live Updates and discussion on Union Budget 2026-2027

Timelines for filing Revised Income Tax Return amended from 31st December to 31st March of the relevant Assessment Year - a much needed relief indeed.#FinanceMinister

ITR filing deadlines will be staggered:

• Individuals (ITR-1 & ITR-2): 31 July

• Non-audit businesses & trusts: 31 August

Union Budget 2026 : India has revised higher its expenditure goal to ₹53.5 lakh crore versus ₹49.6 lakh crore in FY26.

• Net market borrowing estimated at ₹11.7 lakh crore

• Gross market borrowing seen at ₹17.2 lakh crore

• Net tax receipts estimated at ₹28.7 lakh crore in FY27

Amendment in TCS Provisions

TCS on Liberalised Remittance Scheme reduced from 5% to 2%

TCS on Overseas Travel Package reduced from 5% to 2%

A one-time, six-month scheme is proposed for small taxpayers, including students and NRIs, to disclose foreign assets with immunity from prosecution and related penalties. 

Category A (undisclosed) covers assets up to ₹1 crore with a 60% total tax and penalty, while Category B (disclosed income but not assets) covers up to ₹5 crore with just a ₹1 lakh fee, etc.

MAT exemption to non residents who pay tax under presumptive schemes. #FM

#FM 

• Income Tax Act 2025: New income tax framework to take effect from 1 April 2026 with simplified rules and redesigned forms.
• Motor Accident Compensation: Interest awarded by the Motor Accident Claims Tribunal to natural persons exempted from income tax.
• TCS Rates: Reduction of TCS on overseas tour program packages and on LRS remittances for education and medical purposes to 2%.
• Manpower Services: Supply of manpower services brought under contractor payments for TDS purposes to eliminate ambiguity.

STT rate increased on Futures & Options

The Securities Transaction Tax on futures is proposed to be raised from 0.02% to 0.05%. STT on option premiums will increase from 0.10% to 0.15%, and STT on option exercise will be raised from 0.125% to 0.15%

The penalty for late Tax Audit Report submission will now be called Late Fees, meaning you cannot submit a belated report without paying this fee. #UnionBudget

ICDS will be merged into Ind AS from FY 2027-28, removing separate tax accounting and simplifying compliance for businesses.

Proposes to increase limit of duty free goods of specified inputs, leather, synthetic footwear

Deadline to revise tax returns is extended from 31 December to 31 March with a nominal fee, giving taxpayers more time to correct errors.#FinanceMinister