Direct Taxes
- New Tax Act: Income Tax Act, 2025 effective April 2026; simplified forms/rules and exemption of interest on Motor Accident Claims.
- TCS & TDS Rationalization: Overseas tours, medical, and education LRS reduced to 2%; staggered filing timelines; return revision extended to March 31; NRI property transactions now PAN-based (no TAN).
- Compliance & Decriminalization: 6-month foreign asset disclosure scheme; updated returns allowed after reassessment (+10% tax); decriminalization of non-production of books/TDS in kind; immunity for non-immovable foreign assets <Rs.20 lakh.
- Cooperatives: Deductions extended to cattle feed/cotton seed supply; inter-cooperative dividend deductions allowed; 3-year exemption for national cooperative federation dividends.
- IT Sector Support: Unified "IT Services" category ....
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Related Content
Budget 2026-27
- 1 Core Philosophy of Budget 2026-27
- 2 First Kartavya: Accelerate and Sustain Economic Growth
- 3 Second Kartavya: Fulfil Aspirations and Build Capacity of People
- 4 Third Kartavya: Aligned with Vision of Sabka Sath, Sabka Vikas (Requires Targeted Efforts in the Following Four Areas)
- 5 Indirect Taxes
- 6 Miscellaneous
