New Delhi, Feb. 1 -- Finance Minister Nirmala Sitharaman on Sunday unveiled one of the most far-reaching tax reform packages in recent years, signalling a decisive shift towards simplified laws, lower litigation, easier compliance and a stronger alignment of India's tax system with growth and global competitiveness.
Presenting the Budget for 2026-27 in Parliament on Sunday, Sitharaman said the government's taxation strategy rests on trust, transparency and technology-driven administration, while balancing revenue needs with ease of living and ease of doing business.
The centrepiece of the direct tax reforms is the replacement of the six-decade-old Income Tax Act. "The comprehensive review of the Income Tax Act, 1961 has been completed in ...