Union Budget 2026: Key Updates at a Glance
This morning, Finance Minister Nirmala Sitharaman made history at the newly inaugurated Kartavya Bhawan, presenting her record ninth consecutive Union Budget. This year’s fiscal roadmap is anchored by three “Guiding Kartavyas” (Duties), Economic Growth, Fulfilling Aspirations of Citizens, Inclusive Access, Sabka Saath, Sabka Vikas that define the government’s vision for a resilient and inclusive India. With the landmark Income Tax Act, 2025 set to take effect this April, here is the essential breakdown of the key tax updates you need to know: 1) Increase in STT for futures & options Securities Transaction Tax (STT) has been increased for futures and options. 2) Changes in Buyback Taxation In Budget 2026, the government has revised the tax treatment on buyback proceeds. Now, profits from share buybacks will be taxed as capital gains for all shareholders , aligning them with the tax treatment of other capital gains. Buyback of listed equity & unlisted equity will be taxed at old rates: However, to disincentivize misuse of tax arbitrage, promoters will pay an additional buyback tax. This will make effective tax 22% for corporate promoters. For non-corporate promoters the effective tax will be 30%. 3) ITR Deadline Changes The government has also made adjustments to ITR filing deadlines for businesses and professionals. Here are the deadline changes to…