The Economic Times

Budget 2026 Income Tax Highlights: Changes in taxation on SGB redemption, share buyback, TCS, STT, NRI property TDS, updated income tax slabs, standard deduction and more

Union Budget 2026 introduces a new Income Tax Act from April 1, 2026, with simplified rules. Key changes include reduced TCS rates on overseas tour packages and LRS remittances for education/medical. The deadline for revised ITR filing is extended, and PAN-based TDS for NRI property sales is implemented. Share buybacks will now be taxed as capital gains for all shareholders.