https://www.taxtmi.com/news?id=69652 The budget implements a New Income Tax Act effective April 2026 with simplified TDS/TCS and extended return revision timelines to reduce compliance friction and litigation, proposes a High Level Committee on Banking and the restructuring of public sector NBFCs to improve scale and long term infrastructure financing, and establishes a ?10,000 crore SME Growth Fund alongside additional allocations to support microenterprise capital and professional led Corporate Mitras; it also offers tax holidays for foreign cloud providers using Indian data centres and rationalises safe harbour norms with automated IT approvals. en-us Mon, 02 Feb 2026 14:31:04 +0530 Mon, 02 Feb 2026 14:31:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=69652 The budget implements a New Income Tax Act effective April 2026 with simplified TDS/TCS and extended return revision timelines to reduce compliance friction and litigation, proposes a High Level Committee on Banking and the restructuring of public sector NBFCs to improve scale and long term infrastructure financing, and establishes a ?10,000 crore SME Growth Fund alongside additional allocations to support microenterprise capital and professional led Corporate Mitras; it also offers tax holidays for foreign cloud providers using Indian data centres and rationalises safe harbour norms with automated IT approvals. News - Mon, 02 Feb 2026 14:31:04 +0530 https://www.taxtmi.com/news?id=69652