Union Budget 2026: Key Tax & Compliance Updates
Union Budget 2026 brings several important updates aimed at simplifying tax compliance and reducing the burden on taxpayers:
Income Tax Act, 2025 confirmed; detailed rules to be notified shortly
TCS under LRS for education reduced from 5% to 2%
Form 15G/15H will now be accepted from investors as well
Section 139(5) revised return due date extended to 31 March (earlier 31 December)
ITR due dates confirmed:
• ITR-1 & ITR-2 – 31 July
• Other businesses & trusts – 31 August
TCS on tour packages reduced to 2% without any threshold limit
TDS on property purchased from NRI can now be deducted using PAN instead of TAN
These measures focus on easing compliance, improving cash flow, and simplifying procedures for individuals, investors, and businesses.