Union Budget 2026, Feb. 1 -- Union Finance Minister Nirmala Sitharaman on Sunday unveiled a series of taxpayer-friendly measures in the FY27 Budget, announcing a new rule-based, automated scheme aimed at easing compliance for small taxpayers while also reducing tax collection at source (TCS) on key overseas expenditures. The proposals signal the government's intent to simplify processes, lower procedural friction and provide targeted relief to individuals with modest or complex income profiles.

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Presenting the Budget in Parliament, Sitharaman said the new scheme would allow eligible small taxpayers to obtain lower or nil tax deduction certificates without the need for di...