Hello Mumbai Business Desk 

Quote On Union Budget 2026 by  CA Megha Dhanuka
With Income-tax Act 2025 going live from April 1, 2026, Budget 2026 is the transitional bridge between the 1961 Act and the 2025 Act. While the multitude of amendments to the new 2025 Act (even before it starts being applicable!) have indeed come as a surprise to me, a fine print reading will reveal whether the changes reflect policy changes or drafting errors in the first place.
As far as the 1961 Act is concerned, some welcome moves on the personal tax front include:

1) No tinkering with personal tax slabs;2) Increased time frame to files revised returns;3) Staggered due dates for ITR filing – to ease system congestion and last minute compliance stress;4) Change in buyback taxation – to be taxed as capital gains, not dividends in the hands of shareholders – higher tax for promoters but retail investors to get relief;5) Reduction in TCS rate on foreign education, medical treatment and overseas tour package – to provide relief and cash flow breather for individuals and families;6) Announces one-time 6-month Foreign Asset Disclosure scheme for disclosure of assets, for a certain category of taxpayers;7) Decriminalisation and rationalising of some penal provisions.
Overall, the theme of the Budget seems to move towards trust based compliance and ease of administration.