Mumbai, Feb. 4 -- Union Budget 2026-27 introduces structural reforms designed to grant taxpayers greater autonomy and reduce their engagement with tax authorities, Revenue Secretary Arvind Shrivastava told industry leaders at a FICCI interactive session on the Union Budget 2026-27. Shrivastava said the reforms reflect the government's conviction that taxpayers prefer compliance over disputes. The fundamental thought behind this is that we believe the general incentive with the taxpayer is to be honest, would rather like to pay his tax dues as long as he can appreciate those to be legitimate, he said. The budget extends the return filing revision period by three months and permits updated returns for four years.

On indirect taxation, the ...