#UnionBudget2026 | Finance Minister Nirmala Sitharaman presents proposals on direct taxes,…
#UnionBudget2026 | Finance Minister Nirmala Sitharaman presents proposals on direct taxes, announcing that the Income Tax Act, 2025 will replace the Income Tax Act, 1961 from April 1, 2026, following a comprehensive review completed in record time. Simplified income tax rules and redesigned forms will be notified shortly to help taxpayers comply with ease. Interest awarded by the Motor Accident Claims Tribunal to natural persons will be exempt from income tax. The Tax Collected at Source rate on overseas tour packages, education and medical expenses under the Liberalised Remittance Scheme will be reduced to 2 per cent. Payments for manpower services will be covered under payments to contractors, attracting lower Tax Deducted at Source rates. #UnionBudget2026 #Budget2026 #UnionBudget #Budget #NirmalaSitharaman
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