While Finance Minister Nirmala Sitharaman made no change in profits tax slabs for particular particular person taxpayers in Budget 2026 on Sunday, there had been a host of changes love the New Profits Tax Act and fresh Profits Tax Return (ITR) filing crop-off dates which tend to electrify other folks from all walks of life. Right here, we take grasp of you by the 10 issues particular particular person taxpayers can gain to aloof know from Budget 2026, as per a file from The Cases of India newspaper.
1. No change in profits tax slabs
As per the Cases of India file profits tax slab charges for other folks below each the feeble and fresh tax regimes live unchanged, and not using a changes being proposed to training cess and surcharge either.
Additionally Learn: Latest profits tax slabs for FY 2026-27: Look at bulletins made in Budget 2026 by Nirmala Sitharaman
2. New Profits Tax Act, 2025
The Finance Minister furthermore announced that the New Profits Tax Act, 2025 will reach into enact from April 1, 2026. She has announced that ITR kinds and fresh tax-associated rules shall be notified quickly to provide readability and the benefit of compliance, as per the TOI file.
3. Staggered ITR filing crop-off dates
Profits return filing timelines for other folks gain now been staggered. ITR-1 and ITR-2 filers withhold the July 31 closing date. Contributors with non-audit industry profits and trusts can now file their ITRs till August 31.
Additionally Learn: Budget 2026 Live blog
4. Lowered TCS on in a foreign country tour applications
Tax silent at provide (TCS) charges on in a foreign country tour applications shall be diminished to a uniform 2% (no topic the amount), replacing 5% and 20% tax charges.
Further, TCS on self-financed foreign training and in a foreign country clinical treatment above Rs 10 lakh will furthermore be diminished from 5% to 2%.
5. New Foreign Asset Disclosure Blueprint
A one-time, six-month Foreign Asset Disclosure Blueprint has been launched for shrimp taxpayers similar to varsity students, experts, tech employees and returning or relocating other folks, as per the TOI file. The plan has been categorized as-
Class A – Lets in those with undisclosed foreign profits or property valued as a lot as Rs 1 crore, to regularise them by paying 30% of honest-market rate of property, or 30% of undisclosed profits, plus 30% in lieu of penalty, with immunity from prosecution.
Additionally Learn: Gold and silver profits tax rule change: How will your considerable steel investments including SGBs be taxed after Budget 2026?
Class B – Lets in other folks that paid taxes but failed to file associated foreign property valued as a lot as Rs 5 crore, to regularise such property by paying a Rs 1 lakh rate, with paunchy immunity from penalty and prosecution.
6. Immunity from prosecution for these other folks with foreign non-immovable property
Contributors who failed to repeat foreign non-immovable property valued below Rs 20 lakh will receive immunity from prosecution. Right here is acceptable retrospectively from October 1, 2024.
7. Resident investors who can deduct TDS the inform of PAN-primarily based challan
For the sale of immovable property sharp non-residents, resident investors can deduct and deposit tax deducted at provide (TDS) the inform of PAN-primarily based challan, weeding out the need for a TAN and thus simplifying compliance.
8. Nil or lower TDS certificates for shrimp taxpayers
The TOI file says for shrimp taxpayers, a entirely computerized, rule-primarily based acclaim for nil or lower TDS certificates shall be launched, weeding out the need for any interplay with tax officers and making sure faster processing.
9. PROIs now popular to make investments in listed Indian fairness by PIS
Contributors who’re other folks resident exterior India (PROIs) are actually popular to make investments in listed Indian fairness by the Portfolio Funding Blueprint (PIS), with the actual particular person restrict increased from 5% to 10% and the general cap for PROIs raised from 10% to 24%.
10. Exemption on foreign-sourced profits for these experts
The TOI file says in a switch geared against attracting global skill, exemption on foreign-sourced profits for experts visiting India for as a lot as five years has been granted.
To qualify for tax exemption, the actual particular person must had been a non-resident for the old five years, provide services and products below a govt-notified plan and satisfy other conditions as shall be prescribed.
