Budget 2026, Feb. 1 -- Union Finance Minister Nirmala Sitharaman on Sunday announced several tax-related measures in the Union Budget 2026-27, including a specific immunity programme for minor taxpayers regarding undisclosed small foreign assets.

While presenting the Budget in Parliament, the finance minister emphasized the government's commitment to transforming the income tax framework into a simpler, more taxpayer-centric system.

Sitharaman unveiled a dedicated initiative for small-scale taxpayers, offering protection from prosecution for the non-disclosure of minor overseas holdings.

She clarified that individuals failing to report non-immovable foreign assets with a combined value under Rs.20 lakh would receive immunity from legal...