https://www.taxtmi.com/news?id=69814 Budget 2026 direct tax reforms introduce exemptions for interest awarded by Motor Vehicle tribunals to individuals with no TDS; broaden the definition of work to include supply of manpower for TDS; simplify electronic applications for lower or nil TDS certificates and depository filing of no deduction declarations; create FAST DS for limited value foreign asset disclosures with immunity on payment; expand updated return rules; convert certain penalties into automatic fees and partially decriminalise prosecution offences; and reform MAT and buy back tax treatment, alongside multiple sectoral and timing adjustments, largely effective from 1 April 2026. en-us Tue, 03 Feb 2026 14:38:26 +0530 Tue, 03 Feb 2026 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=69814 Budget 2026 direct tax reforms introduce exemptions for interest awarded by Motor Vehicle tribunals to individuals with no TDS; broaden the definition of work to include supply of manpower for TDS; simplify electronic applications for lower or nil TDS certificates and depository filing of no deduction declarations; create FAST DS for limited value foreign asset disclosures with immunity on payment; expand updated return rules; convert certain penalties into automatic fees and partially decriminalise prosecution offences; and reform MAT and buy back tax treatment, alongside multiple sectoral and timing adjustments, largely effective from 1 April 2026. News - Tue, 03 Feb 2026 14:38:26 +0530 https://www.taxtmi.com/news?id=69814