Quick Summary
The Union Budget 2026-27 has unveiled a comprehensive set of direct tax reforms aimed at rationalising penalty and prosecution provisions while improving ease of living and ease of doing business. Presented by Union Finance Minister Smt. Nirmala Sitharaman, the proposals focus on reducing litigation
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FAQ :
The main aim is to rationalise penalty and prosecution provisions, improve ease of living and doing business, reduce litigation, and simplify tax administration, with a special focus on small and honest taxpayers.
Assessment and penalty proceedings will be integrated through a single common order, eliminating multiple parallel proceedings and avoiding multiplicity.
Interest liability on penalty amounts during the pendency of the first appeal will be removed.
Yes, the pre-deposit requirement is reduced from 20% to 10% of the core tax demand.
The prosecution framework is being rationalised by decriminalising minor and procedural offences, reducing maximum imprisonment to two years, and giving courts enhanced powers to levy fines instead.
Retrospective immunity from prosecution is provided for non-disclosure of non-immovable foreign assets up to ₹20 lakh, effective from 1 October 2024.
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