No Income Tax Surprise In Budget 2026, But Higher STT Triggers Market Sell-Off

Finance Minister Nirmala Sitharaman has unveiled the Union Budget 2026, presenting the latest Bahi Khata with a roadmap for Viksit Bharat 2047. The budget keeps personal income tax slabs unchanged, focusing instead on simplifying compliance. The deadline for filing revised returns has been extended to March 31 with a nominal fee, while penalties see relief. Students studying abroad benefit from reduced TCS on education, healthcare, and overseas tour packages. Motor accident claim interest is now tax-free. NRIs get easier TDS compliance on property sales, and customs duty cuts offer relief. However, higher STT on derivatives triggered sharp market reactions.