Budget 2026 Update: Union Finance Minister Nirmala Sitharaman has presented the Union Budget. There is no new relief for the middle class or farmers. There has been no change in the income tax slabs for taxpayers. Despite no changes to the tax slabs, there have been at least 15 to 17 major changes that directly affect you.
You may have read numerous videos and articles about the budget on social media, but the confusion may persist. We are going to explain the rules, regulations, and new changes related to taxpayers in simple language, which will completely eliminate any confusion. All your doubts will be cleared after reading this. In her budget speech, Nirmala Sitharaman explained many things related to taxpayers in detail.
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Important points for taxpayers
Learn about the new Income Tax Law.
Did you know that a 60-year-old law has been changed? The new, simplified law will be implemented across the country from April 1, 2026. Taxpayers will then be able to understand things in simple language. The new tax law has made forms and rules much simpler. People will be able to fill them out without the help of a lawyer or accountant. Tax-related difficulties will be reduced, and you won’t have to visit offices repeatedly. You’ll be able to file your taxes while enjoying a cup of tea.
Information related to TCS on foreign tours
Previously, a 5 to 20 percent TCS was deducted on foreign tour packages, but now it’s only 2 percent. Even on amounts exceeding 10 lakhs, a fixed 2 percent will be deducted, leaving you with more money in your pocket. Less will be deducted when booking through a travel agent, allowing you to enjoy your trip more.
TCS relief on education and medical treatment
If you send money abroad for education or medical treatment, the TCS will be reduced from 5 percent to 2 percent. Parents sending their children abroad will have a lighter burden and more cash in hand. The LRS scheme is also simplified; sending dollars will result in less tax deduction.
How much is the TDS?
If a company pays a worker or staff member, the TDS (Tax Deducted at Source) will be only 1% to 2%. Small businesses will be able to obtain certificates easily and won’t have to deal with bureaucratic hassles. Contractors will also benefit from lower deductions on their payments.
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Opportunity to correct ITR mistakes
If you made a mistake while filing your Income Tax Return, you can correct it not until December 31st, but until March 31st. You’ll have to pay a small fee, but you’ll get an update without any penalty. So, if you made a mistake for any reason, don’t worry, you have three extra months.