Union Budget 2026: Filing taxes just got a whole lot easier
As announced in Budget 2026 (effective dates vary by measure; for example, TAN relaxation is effective 1 October 2026), the Income Tax Act gets an upgrade with simpler filing, new ITR forms (coming soon), and more relaxed deadlines—ITR-1 and ITR-2 are still due July 31, but businesses without audits now have until August 31.
Need to fix something? You can revise your return until 31 March (i.e., 12 months from the end of the relevant tax year) — for example, for the tax year ending 31 Mar 2026, the deadline would be 31 Mar 2027 — for a small fee.
TDS on property sales will be easier
These changes mean less paperwork and fewer hoops to jump through—penalties and appeals are being streamlined into single orders, so no more double trouble.
TDS on property sales for non-residents will be easier too, with PAN-based payments instead of extra registrations.
Plus, TCS rates drop to 2% on things like liquor, scrap, travel abroad, or sending money for education/medical reasons.
Minor slip-ups (like missing documents) won't land you in court anymore—they'll just cost a fine.
Basically: taxes are getting friendlier and less stressful for everyone.