Budget 2026: 10 Major Income Tax Changes Every Taxpayer Must Know

• Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27, introducing the new Income Tax Act, 2025, effective April 1, 2026.
• TCS on overseas remittances for education and medical treatment under LRS will be reduced from 5% to 2% from April 1, 2026.
• The deadline for revising tax returns will be extended from nine to twelve months, while the deadline for belated returns remains unchanged.
• Security Transaction Tax (STT) on equity futures will increase from 0.02% to 0.05%, and on options from 0.1% to 0.15%.
• Sovereign Gold Bond (SGB) tax exemption at maturity will only apply to original RBI issue price purchasers; capital gains tax on buybacks is restored.

Why It Matters: Budget 2026 introduces a new Income Tax Act and significant changes impacting taxpayers, investors, and businesses.