https://www.taxtmi.com/article/detailed?id=15791 The Budget tightens fiscal deficit while raising CapEx and introduces a new Income tax Act effective 1 April 2026 with simplification and retained personal slabs. It implements broad TDS/TCS rationalisation (uniform 2% on overseas tour packages and assorted rate changes), procedural digitalisation for nil/lower TDS certificates and depository-based no TDS declarations, clarifies jurisdiction for section 148/148A notices, and provides reliefs (MACT interest exemption, timing of employee contribution deduction). Enforcement is recalibrated: technical defaults are fees, many defaults decriminalised, penalties rationalised, updated/revised return rules relaxed, and FAST DS and expanded immunity schemes introduced. en-us Sun, 01 Feb 2026 17:45:31 +0530 Mon, 02 Feb 2026 16:03:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15791 The Budget tightens fiscal deficit while raising CapEx and introduces a new Income tax Act effective 1 April 2026 with simplification and retained personal slabs. It implements broad TDS/TCS rationalisation (uniform 2% on overseas tour packages and assorted rate changes), procedural digitalisation for nil/lower TDS certificates and depository-based no TDS declarations, clarifies jurisdiction for section 148/148A notices, and provides reliefs (MACT interest exemption, timing of employee contribution deduction). Enforcement is recalibrated: technical defaults are fees, many defaults decriminalised, penalties rationalised, updated/revised return rules relaxed, and FAST DS and expanded immunity schemes introduced. Articles Budget - Tax Proposals Sun, 01 Feb 2026 17:45:31 +0530 https://www.taxtmi.com/article/detailed?id=15791