📊 Union Budget 2026 – Key Tax Takeaways
Union Budget 2026 is clearly an income-tax driven Budget, with strong emphasis on procedural reforms, compliance rationalisation and penalty restructuring, while GST changes remain limited following the 56th GST Council recommendations.
At P Chhajed & Co LLP – Chartered Accountants, we analysed and summarised almost all the proposals in our presentation.
📌 This year, special emphasis has been given to presenting the amendments in a tabular format, with a clear comparison of earlier provisions vis-à-vis amendments proposed in the Budget, for better clarity and practical understanding.
🔗 Additionally, the presentation has been structured with topic-wise hyperlinking of slides, allowing readers to navigate directly to specific provisions of interest.
Key focus areas include:
🔹 MAT regime rationalisation
🔹 Extended timelines for revised and updated returns
🔹 Reassessment clarifications – Sections 148 & 148A
🔹 Re-alignment of search & block assessment timelines
🔹 Conversion of penalties into automatic fees – a major compliance shift
🔹 Heightened penalties for under-reporting & crypto transactions
🔹 Key changes in TDS/TCS, IFSC, share buy-back & F&O taxation
⏱️ Prepared under a tight timeline of two days with Budget Day on a Sunday, this analysis reflects our commitment to deliver timely and practical tax insights.
📌 Applicable only upon enactment / notification.
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