New Delhi, Feb. 1 -- The Union Budget 2026-27 did not introduce any major changes to income tax rates, but rationalised penal provisions, eased the compliance burden, and simplified return filing through redesigned forms, following the enactment of the Income Tax Act, 2025.

"The simplified Income Tax Rules and Forms will be notified shortly, giving adequate time to taxpayers to acquaint themselves with its requirements. The forms have been redesigned such that ordinary citizens can comply without difficulty," finance minister Nirmala Sitharaman said in her budget speech on Sunday.

Additionally, tax filing timelines have been extended. "Presently, the revised return can be filed up to 31st December following the tax year. Return filing p...