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GAINS& PAINS

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 FOR TAXPAYERS FOR TAXPAYERS

GAINS | Time limit to revise I-T returns can be extended by3 months to March 31 with a small fee

TCS on overseas package tours, foreign education and medical treatment cut to 2%

6‑month window to reveal undisclosed foreign assets/income subject to limits and additional tax payment

Minimum alternate tax snipped to 14%

Decriminalisation, rationalisation of penalty framework under I-T Act

Some small taxpayers can apply for online issuance of lower/nil taxdeduction certificate on their income

PAINS | No accumulation of MAT credit from April 1. Accumulated credit to be set off only under new tax regime

Tax exemption for disability pension only to those services retirees who had to prematurely quit due to the disability

FOR INVESTORS

GAINS | Persons resident outside India can invest in listed Indian equity through portfolio investment scheme, individual limitraised from 5% to 10%, overall cap from 10% to 24% No need to obtain TAN for TDS if buyingproperty from non‑residents

 Amount received on buyback of shares to be taxed only as capital gains

 Profit linked deduction to IFSC units extended to 20 consecutive years

PAINS | STT on futures and options raised to 0.05% and 0.15%, respectively No deduction on interest expenses for income from dividend or mutual funds

 Capital gains exemption on sovereign gold bonds only for original subscriber who holds on till maturity

FOR CONSUMERS

GAINS | No basic customs duty on 17 life‑saving drugs, including for cancer

No BCD on drugs, medicines, spl food for 7 rare diseases

 Duty on some microwave parts cut

PAINS | No duty sops on materials for e-reader, adult diapers, video games

10% BCD on CD-ROMs of educational books, journals, mags, newspapers

FOR BUSINESSPEOPLE

GAINS | Customs processes simplified

 Validity of customs advance ruling extended to 5 years

 Customs duty exemptions extended to various capital goods and parts

 Measures to promote exports of marine, leather and textile products

PAIN | Nil customs duty set to lapse on ATMs and its parts, TV equipment,cameras, other filmmaking equipment

 

-The Times of India 02nd February,2026


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