Union Budget 2026: Compliance Simplified, Not Tax Slabs
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Moneycontrol•01-02-2026, 18:21
Union Budget 2026: Compliance Simplified, Not Tax Slabs
- •Union Budget 2026 focuses on procedural reforms to simplify tax compliance and reduce litigation, rather than changing personal income tax slab rates.
- •Key changes include extended due dates for ITR filing for non-audit cases (August 31) and revised returns (12 months from tax year end with a nominal fee).
- •Flexibility for updated returns with 10% additional tax and no penalty, aiming to reduce litigation and encourage voluntary error correction.
- •Homebuyers are relieved as resident individuals/HUFs buying property from NRIs no longer need a TAN for tax deduction, effective October 1, 2026.
- •FAST-DS 2026 offers a one-time disclosure scheme for small taxpayers with undisclosed foreign assets/income up to INR 1 crore, with tax and additional tax, and relief from prosecution for non-reporting of foreign assets up to INR 20 lakhs retrospectively.
Why It Matters: Budget 2026 prioritizes easing tax compliance and reducing litigation through procedural reforms and disclosure schemes.
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