<h1>Union Budget 2026-27 introduces tax reforms, customs duty cuts and incentives to boost manufacturing, services and investment.</h1> The Budget implements the New Income Tax Act, 2025 from April 2026 with simplified rules and forms; introduces reduced TCS rates, extended TDS coverage for manpower services with streamlined lower rates and automated lower/nil deduction certificates; integrates assessment and penalty proceedings with reduced pre-payment and expanded immunity from penalty/prosecution subject to payment of tax and interest; rationalises MAT into a final tax with reduced rate and limited set-off; and introduces customs duty exemptions, tariff cuts for personal imports, and warehousing and digital trade facilitation measures to support manufacturing, exports and investment.