Budget 2026: Small taxpayers get much-needed breather
The new Union Budget, announced by Finance Minister Nirmala Sitharaman, brings some real relief for small taxpayers.
It proposes a scheme for small taxpayers wherein a rule-based automated process will enable obtaining a lower or nil tax deduction certificate instead of filing an application with the assessing officer—no more running around for officer approvals.
Plus, handling Form 15G/15H for multiple securities would be simplified if depositories are enabled to accept these forms from the investor and provide them directly to the relevant companies.
For students and techies sending money abroad
If you're a student or techie sending money abroad, the Budget proposes reducing the TCS rate to 2% (from 5%) for education and medical expenses—so your cash flow gets a break.
There's also a new six-month window to disclose foreign assets if needed.
Filing taxes is less stressful too: revised returns are allowed till March 31 (with a fee), and regular ITR deadlines are pushed back.
These changes build on last year's zero-tax slab up to ₹12.75 lakh and aim to make taxes less of a headache for young earners.