Budget 2026: New Income Tax Deadlines, Slabs, and Key Changes Explained

• Union Budget 2026-27, presented by Finance Minister Nirmala Sitharaman, introduces new ITR filing deadlines but no changes to tax rates or slabs.
• Interest from Motor Accident Claims Tribunals is now income tax exempt, with no TDS deduction.
• TCS on overseas tour packages, education, and medical remittances under LRS reduced to 2%.
• Small taxpayers can obtain lower/nil TDS certificates automatically, without approaching an assessing officer.
• Taxpayers can revise returns until March 31 (instead of December 31) with a nominal fee; ITR-1/2 filers get until July 31, non-audit business cases until August 31.
• The Income Tax Act, 2025, will replace the 1961 Act from April 1, 2026.