Union Budget 2026 watch Live – Highlights of direct and indirect tax proposals.
Finance Minister shall be presenting Union Budget 2026-27 today in Parliament. Watch live.
Highlights of tax proposals for direct and indirect tax shall be updated as they are announced.
Income Tax Proposals in Union Budget 2026-27:
(1) New Forms under IT Act 2025 to be notified soon
(2) Motor Accident claims to be tax free for individuals
(3) Reduction in TDS rates for tour operators and on LRS for medical and education purposes from 5% to 2%
(4) Man supply services to be treated as payment to contractors u/s 194C
(5) ITR due date for some audit cases reduced to 31st August
(6) Time enhanced for Revised Return on payment of fee
(7) Updated ITRs can be filed even if re-assessment proceedings started.
(8) only 10% to be pre-deposited for filing appeal
(9) A common order for Assessment and Penalty
(10) Immunity made available for mis-reporting
(11) Penalty for non audit to be termed as fee
(12) Maximum Imprisonment terms under Income Tax Act is reduced
Download Copy of Union Budget 2026-27 Click Here >>
- Union Budget 2026-27 watch Live – Highlights of direct and indirect tax proposals
- Supervisory with wages exceeding Rs. 18000 p.m. not a worker under Code on Wages 2019
- ITAT has power to stay order appealed, even in absence of any subsisting tax demand
- Effect of reduced timeline for filing TDS Correction statements on TDS Credits
- Accounting principles and provisions of law do not permit addition of opening balance – ITAT
