{"id":"f-73cd9b4b27-752ff940-b9dc-55a0-bd4b-4a60ed7e5688","title":"Budget 2026: Here’s a look at all the tax changes for an individual taxpayer","description":"Though there has been no changes in the income tax slabs and rates for the individual taxpayer, there are a few changes in the Budget that will have an impact on the taxpaying individual. Here’s a look at a few of them.","timestamp":1770106288,"category":"business","headline":"Budget 2026: Here’s a look at all the tax changes for an individual taxpayer","modifiedHeadline":"Budget 2026 Tax Changes For You","subCategories":["scid_08f7a4b9"],"region":"IN","bundleMetaData":{"bundleId":"ece1ae3d-908e-48c7-9e53-a4aa910ee4db","bundleTitle":"Grow Your Money","cardData":null},"iabCategoryId":"415","fcSummary":"the budget introduces several tax changes including revised ITR filing deadlines for certain individuals and trusts, and an extended deadline for revised returns with a nominal fee. a new income tax act is set for 2026. tax collected at source on overseas tour packages and for foreign education/medical treatment above rs 10 lakh is reduced to 2%. a one-time foreign asset disclosure scheme is available for small taxpayers, with specific provisions for non-immovable assets and immunity from prosecution. other changes include pan-based challans for nri property transactions, automated nil/lower tds certificates, increased investment limits for persons resident outside india in indian equities, and a five-year exemption on foreign-sourced income for visiting experts.","summary":"Budget 2026: No income tax slab changes, but individual taxpayers face other impacts.","ctaUrl":"https://trends.glance.com/newz/astrology/IN/en/news9/f-73cd9b4b27-752ff940-b9dc-55a0-bd4b-4a60ed7e5688","sourceUrl":"https://www.news9live.com/budget/budget-2026-heres-a-look-at-all-the-tax-changes-for-an-individual-taxpayer-2926004","bannerImage":"https://g-mob.glance-cdn.com/public/fc/image/JMk24dGGRUC0.webp","content":"

Kolkata: In a Budget, tax proposals contain the section that attracts the maximum attention of common individuals. Last year, FM Nirmala Sitharaman provided

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significant income tax reliefs in the form of change sin both slabs and rates. This year she didn’t offer any such big change. However, there are a few which an individual should be aware of. Let’s have a look at these.

ITR filing deadlines

There has been minor changes in the ITR filing deadlines for individuals. Those who file ITR-1 and ITR-2 will have to abide by the July 31 deadline. But individuals with business income that do not need to be audited and trusts can file their ITRs till August 31 from the next financial year.

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Revised ITR deadline

The FM has extended the deadline for filing revised income tax returns by three months. While the earlier deadline was till Dec 31, from the next financial year, the new deadline will be March 31. But the taxpayer has to pay a nominal fee of Rs 5,000. This fee has to be paid if the revised ITR is not filed by Dec 31. But the fee will be only Rs 1,000 if the taxable income does not exceed Rs 5 lakh.

New Income Tax Act, 2025

The New Income Tax Act, 2025 will come into effect from April 1, 2026, FM Sitharaman has announced. The ITR forms and new tax-related rules will be notified soon, she has said.

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Reduced TCS on tour packages abroad

Tax collected at source will be reduced on overseas tour packages. Replacing 5% and 20% tax rates a uniform 2% rate will be applicable. Also, TCS on self-financed foreign education and overseas medical treatment for expenditure in excess of Rs 10 lakh is also being brought down to 2% from 5%.

Foreign Asset Disclosure Scheme

A one-time disclosure scheme for six months has been announced for foreign asset disclosure. But this will be applicable to small taxpayers such as students, professionals, technology employees and returning or relocating individuals. This will apply to foreign income or assets only up to Rs 1 crore. This can be regularised by one-time payment of 30% of fair-market value of assets, or 30% of undisclosed income and 30% in lieu of penalty. There will be immunity from prosecution too. This will also be applicable to those who paid income tax but failed to report related foreign assets valued up to Rs 5 crore. It can be regularized by paying a fee of Rs 1 lakh. Again, there will be no penalty and prosecution.

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On foreign non-immovable assets

There is another category of beneficiaries who failed to disclose non-immovable assets abroad. If valued less than Rs 20 lakh, there will be immunity from prosecution. It is being applied in retrospect from October 1, 2024.

Deducting TDS using PAN-based challan

For the sale of immovable property involving NRIs, resident buyers can deduct and deposit tax deducted at source (TDS) using challans based on PAN.

Lower TDS certificates for small taxpayers

Steps are being taken for fully automated, rule-based approval for nil or lower TDS certificates for small taxpayers. These will eliminate the need for any interaction with tax officers and ensuring faster processing.

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PROIs can invest in Indian equity

Individuals who are categorised as persons resident outside India, can now invest in listed Indian stocks through PIS or Portfolio Investment Scheme. Limits on individual investment raised from 5% to 10%.

Exemption on foreign-sourced income

Exemption on foreign-sourced income has been declared for experts visiting India and this exemption will be for up to five years. The objective of the scheme: attracting global talent to India.

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Budget 2026: Here’s a look at all the tax changes for an individual taxpayer

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