By Admin 
Budget 2026 Income Tax Relief: No major changes regarding tax have been announced by the Central Government in the Union Budget 2026. However, the government has made such changes in the rules. From which some people are expected to get relief. Especially for NRIs living abroad and such people who till now had not shared the information about their small assets abroad.
It has also been decided to extend the deadline for filing returns. The government wants to make the tax system more practical. This time the budget is also being discussed on the rules related to disclosure of NRIs and foreign assets. Let us know, what changes have been made regarding these?
Government’s leniency on disclosure of small foreign assets
In the budget, a decision has been taken to provide relief to those people who by mistake were not able to give information about their small assets abroad in the tax returns. If the total value of non-immovable foreign assets of a person is less than Rs 20 lakh and he does not disclose the same. So no action will be taken on that now.
In such cases, there will be exemption from punishment. This new rule will come into effect from 1 October 2024. Due to which people having limited foreign assets are going to get great relief.
Jail sentence ends in income tax cases
The government has decided to decriminalize the Income Tax Act in Budget 2026, giving huge relief to the taxpayers. Now if any discrepancy is found in a person’s income or a case of hiding tax comes to light, he will not be sent to jail.
In such cases only provision for fine has been made. This change will be implemented under the new Income Tax Act to be implemented from April 1, 2026. Due to which honest taxpayers are expected to get relief from legal troubles.
Also read: Union Budget 2026: For these people, Budget 2026 became a story of unfulfilled expectations, know what were the expectations?