Budget 2026: Tax Reforms Aimed at De-cluttering Compliance, Say Experts at FJCCI
RANCHI: The Federation of Jharkhand Chamber of Commerce and Industries (FJCCI), in collaboration with the Jharkhand Income Tax Bar Association and the Jharkhand Commercial Tax Bar Association, organized a high-level technical session at Chamber Bhawan today to deliberate on the Union Budget 2026 tax amendments.
Major Relief in Income Tax Timelines
Leading the discussion, CA Raghu Kaushal and Senior Advocate Mahendra Chaudhary highlighted significant shifts in the Income Tax Act. A key takeaway was the extension of the timeline for filing Belated Returns, which has been increased from 9 months to 12 months. Furthermore, amendments to Section 139(8A) now allow taxpayers to file updated returns even after receiving a notice under Section 147—a move expected to significantly reduce litigation.
GST: Resolution of Credit Note Disputes
Addressing the Indirect Tax segment, Advocate Sanjay Goyal noted that while GST changes were surgical, the relief regarding Credit Notes is a major victory for the trading community. "The simplified issuance of Credit Notes will resolve long-standing disputes and provide practical ease of business," Goyal stated.
A Transition to Income Tax Act 2025
CA Aditya Shah, Chairman of the CGST Sub-committee, pointed out that the Union Budget sets the stage for the proposed Income Tax Act 2025, which aims to replace the legacy 1961 Act with a more modern and simplified framework.
Industry Reaction
FJCCI President Aditya Malhotra termed the budget "balanced and industry-friendly," noting that the focus on reducing unnecessary penalties and simplifying TDS/TCS provisions will foster a healthier economic environment in Jharkhand.
The meeting saw a large turnout of Chartered Accountants, tax practitioners, and entrepreneurs, including Anand Pasari, Rohit Agarwal, and several other executive members of the Chamber.
