New Delhi/IBNS, Feb. 1 -- The Union Budget 2026-27, presented in Parliament on Saturday by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, proposed a series of direct tax reforms aimed at simplifying the tax regime, improving compliance and sustaining the momentum of structural reforms.

The Finance Minister said the measures reflect the government's emphasis on "Kartavya" while continuing efforts to make India's tax system simpler and more transparent.

As part of tax administration reforms, Sitharaman proposed the constitution of a joint committee of the Ministry of Corporate Affairs and the Central Board of Direct Taxes to incorporate the requirements of Income Computation and Disclosure Standards into Indian Accoun...