India, Feb. 1 -- The Government of India has issued a release:
PART-A
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Union Budget 2026-27 in the parliament today. The highlights of the budget are as follows:
The first Budget prepared in Kartavya Bhawan, is inspired by 3 kartavyas:
Budget Estimates
First Kartavya is to accelerate and sustain economic growth and proposes 6 interventions
1. Scaling up manufacturing in 7 strategic and frontier sectors
2. Rejuvenating legacy industrial sectors
3. Creating "Champion SMEs" and supporting micro enterprises
4. Delivering a powerful push to Infrastructure
5. Ensuring long term energy security and stability
6. Developing City Economic Regions
Municipal Bonds
Second Kartavya is to fulfil aspirations and build capacity of people
Creation of Professionals for Viksit Bharat
AYUSH
.
Animal Husbandry
Orange Economy
Education
Tourism
Heritage and Culture Tourism
Sports
Third Kartavya is aligned with vision of Sabka Sath, Sabka Vikas and requires targeted efforts in the following four areas:
1. Increasing Farmer Incomes
High Value Agriculture:
Bharat-VISTAAR (Virtually Integrated System to Access Agricultural Resources)
2. Empowering Divyangjan
3. Commitment to Mental Health and Trauma Care
4. Focus on the Purvodaya States and the North-Eastern Region
16th Finance Commission
PART -B
Direct Taxes
New Income Tax Act
· New Income tax Act ,2025 to come into effect from April 2026
· The simplified Income Tax Rules and Forms will be notified shortly. The forms redesigned for easy compliance of ordinary citizens.
Ease of Living
Rationalizing Penalty and Prosecution
Cooperatives
Supporting IT sector as India's growth engine
Attracting global business and investment
Tax administration
Other Tax proposals
Indirect taxes:
Tariff Simplification
Marine, leather, and textile products:
Energy transition and security:
Nuclear Power:
Critical Minerals:
Biogas blended CNG:
Civil and Defence Aviation:
Electronics:
Special Economic Zone:
Ease of Living:
Customs Process simplification
Trust-based systems
Ease of Doing Business
New export opportunities
Ease of Living
· Provisions governing baggage clearance to be revised during international travel. Revised rules to enhance duty-free allowances in line with the present day travel realities.
· Honest taxpayers, willing to settle disputes will be able close cases by paying an additional amount in lieu of penalty.
Disclaimer: Curated by HT Syndication.
