{"id":355178,"date":"2026-02-02T16:12:54","date_gmt":"2026-02-02T10:42:54","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=355178"},"modified":"2026-02-02T16:15:05","modified_gmt":"2026-02-02T10:45:05","slug":"union-budget-2026-2027","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/union-budget-2026-2027\/","title":{"rendered":"Union Budget 2026-2027"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">On the sacred occasion of Magha Purnima and the birth anniversary of Guru Ravidas, Finance Minister Nirmala Sitharaman presented the Budget for the year 2026-2027. This was her 9th consecutive budget. This is a <\/span><b>Yuva Shakti-driven Budget<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%; text-align: center;\"><strong>Table of Content<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><a href=\"#h1\">Budget Basics<\/a><br \/>\n<a href=\"#h2\">MACRO-ECONOMIC HIGHLIGHTS OF THE BUDGET 2026-27<\/a><br \/>\n<a href=\"#h3\">Budget Highlights 2026-27-Part A<\/a><br \/>\n<a href=\"#h4\">India\u2019s Reforms Express<\/a><br \/>\n<a href=\"#h5\">Budget Tax Proposals- Part B<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><a id=\"h1\"><\/a><span style=\"color: #000000;\"><strong><span style=\"text-decoration: underline;\">Budget Basics:<\/span><\/strong><\/span><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\"><strong>Budget:<\/strong>\u00a0Budget is essentially a statement of anticipated receipts and expenditure. The annual budget covers all aspects of government finances, including revenue generation, expenditure allocations, and policy announcements. <\/span><\/li>\n<li><b>Government Receipts:<\/b><span style=\"font-weight: 400;\">\u00a0The Government receipts are categorised into revenue and capital receipts.<\/span><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355185 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152611.png?resize=594%2C412&#038;ssl=1\" alt=\"\" width=\"594\" height=\"412\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152611.png?w=594&amp;ssl=1 594w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152611.png?resize=300%2C208&amp;ssl=1 300w\" sizes=\"auto, (max-width: 594px) 100vw, 594px\" \/><\/li>\n<li><b>Government Receipts for 2026-27:<\/b><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355186 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152659.png?resize=576%2C418&#038;ssl=1\" alt=\"\" width=\"576\" height=\"418\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152659.png?w=576&amp;ssl=1 576w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152659.png?resize=300%2C218&amp;ssl=1 300w\" sizes=\"auto, (max-width: 576px) 100vw, 576px\" \/><\/li>\n<li><b>Government Expenditure: <\/b><span style=\"font-weight: 400;\">The expenditure of the Government is also categorized into revenue and capital expenditure. The components of the expenditure are also shown below.<\/span><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355187 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152739.png?resize=589%2C251&#038;ssl=1\" alt=\"\" width=\"589\" height=\"251\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152739.png?w=589&amp;ssl=1 589w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152739.png?resize=300%2C128&amp;ssl=1 300w\" sizes=\"auto, (max-width: 589px) 100vw, 589px\" \/><\/li>\n<li><b>Government expenditure for 2026-27:<\/b><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355188 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152836.png?resize=569%2C417&#038;ssl=1\" alt=\"\" width=\"569\" height=\"417\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152836.png?w=569&amp;ssl=1 569w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152836.png?resize=300%2C220&amp;ssl=1 300w\" sizes=\"auto, (max-width: 569px) 100vw, 569px\" \/><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong><span style=\"text-decoration: underline;\"><a id=\"h2\"><\/a><span style=\"color: #000000; text-decoration: underline;\">MACRO-ECONOMIC HIGHLIGHTS OF THE BUDGET 2026-27<\/span><\/span><span style=\"color: #000000;\">:<\/span><\/strong><\/h2>\n<ol>\n<li><b>Total Receipts for FY 2026-27: <\/b><span style=\"font-weight: 400;\">The total receipts for FY 2026-27 is estimated at Rs. 53.4 lakh crore.<\/span><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355190 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152952.png?resize=638%2C398&#038;ssl=1\" alt=\"\" width=\"638\" height=\"398\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152952.png?w=638&amp;ssl=1 638w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-152952.png?resize=300%2C187&amp;ssl=1 300w\" sizes=\"auto, (max-width: 638px) 100vw, 638px\" \/><\/li>\n<li><b>Total Expenditure for FY 2026-27: <\/b><span style=\"font-weight: 400;\">The total expenditure in Budget Estimates (BE) 2026-27 is estimated at <\/span><b>\u20b953,47,315 crore<\/b><span style=\"font-weight: 400;\"> of which total capital expenditure is <\/span><b>\u20b912,21,821 crore<\/b><span style=\"font-weight: 400;\"> and effective capital expenditure is <\/span><b>\u20b917,14,523 crore<\/b><span style=\"font-weight: 400;\">.<\/span><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355191 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153103.png?resize=635%2C443&#038;ssl=1\" alt=\"\" width=\"635\" height=\"443\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153103.png?w=635&amp;ssl=1 635w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153103.png?resize=300%2C209&amp;ssl=1 300w\" sizes=\"auto, (max-width: 635px) 100vw, 635px\" \/><\/li>\n<li><b>Fiscal Deficit:<\/b><span style=\"font-weight: 400;\">\u00a0The fiscal deficit is estimated at 4.3 per cent of GDP.<\/span><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355193 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153140.png?resize=602%2C401&#038;ssl=1\" alt=\"\" width=\"602\" height=\"401\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153140.png?w=602&amp;ssl=1 602w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153140.png?resize=300%2C200&amp;ssl=1 300w\" sizes=\"auto, (max-width: 602px) 100vw, 602px\" \/><\/li>\n<li><span style=\"font-weight: 400;\">The Government has accepted the recommendation of the 16th Finance Commission to retain the vertical share of devolution at <\/span><b>41%<\/b><span style=\"font-weight: 400;\">. <\/span><b>\u20b91.4 lakh crore<\/b><span style=\"font-weight: 400;\"> has been provided to the States for the FY 2026-27 as Finance Commission Grants, which include Rural and Urban Local Body and <\/span><span style=\"font-weight: 400;\">Disaster Management Grants.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The debt-to-GDP ratio is estimated to be <\/span><b>55.6 percent of GDP in BE 2026-27<\/b><span style=\"font-weight: 400;\">, compared to 56.1 percent of GDP in RE 2025-26.<\/span><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355194 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153218.png?resize=503%2C373&#038;ssl=1\" alt=\"\" width=\"503\" height=\"373\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153218.png?w=503&amp;ssl=1 503w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153218.png?resize=300%2C222&amp;ssl=1 300w\" sizes=\"auto, (max-width: 503px) 100vw, 503px\" \/><\/li>\n<\/ol>\n<h2><a id=\"h3\"><\/a><span style=\"text-decoration: underline; color: #000000;\"><strong>Budget Highlights 2026-27-Part A:<\/strong><\/span><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">India\u2019s economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">India will continue to take confident steps towards Viksit Bharat, balancing ambition with inclusion. India will prefer action over ambivalence, reform over rhetoric and people over populism.<\/span><\/li>\n<li><b>Steps taken by the Government to achieve 7% High Growth Rate:<\/b><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355195 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153320.png?resize=488%2C344&#038;ssl=1\" alt=\"\" width=\"488\" height=\"344\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153320.png?w=488&amp;ssl=1 488w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153320.png?resize=300%2C211&amp;ssl=1 300w\" sizes=\"auto, (max-width: 488px) 100vw, 488px\" \/><\/li>\n<li><b>Government\u2019s Sankalp:\u00a0<\/b><span style=\"font-weight: 400;\">The budget reiterates Government\u2019s \u2018Sankalp\u2019 of its focus on poor, underprivileged and the disadvantaged. The Budget 2026-27 is inspired by <\/span><b><i>3 kartavya:<\/i><\/b>\n<ul>\n<li><b><i>First Kartavya:<\/i><\/b><span style=\"font-weight: 400;\">\u00a0Accelerate and sustain economic growth, by enhancing productivity and competitiveness, and building resilience to volatile global dynamics.<\/span><\/li>\n<li><b><i>Second kartavya:<\/i><\/b><span style=\"font-weight: 400;\">\u00a0To fulfil aspirations of our people and build their capacity, making them strong partners in India\u2019s path to prosperity.<\/span><\/li>\n<li><b><em>Third kartavya:<\/em><\/b><span style=\"font-weight: 400;\">\u00a0To ensure that every family, community, region and sector has access to resources, amenities and opportunities for meaningful participation.<\/span><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355197 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153404.png?resize=649%2C335&#038;ssl=1\" alt=\"\" width=\"649\" height=\"335\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153404.png?w=649&amp;ssl=1 649w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153404.png?resize=300%2C155&amp;ssl=1 300w\" sizes=\"auto, (max-width: 649px) 100vw, 649px\" \/><\/li>\n<\/ul>\n<\/li>\n<li><b>Ecosystem required for the achievement of the Sankalp:\u00a0<\/b><span style=\"font-weight: 400;\">This threefold approach requires a <\/span><b>supportive ecosystem<\/b><span style=\"font-weight: 400;\">&#8211; <\/span><i><span style=\"font-weight: 400;\">Sustaining the momentum of structural reforms<\/span><\/i><span style=\"font-weight: 400;\">, <\/span><i><span style=\"font-weight: 400;\">robust and resilient financial sector<\/span><\/i><span style=\"font-weight: 400;\">, and <\/span><i><span style=\"font-weight: 400;\">cutting-edge\u00a0 technologies, including AI applications<\/span><\/i><span style=\"font-weight: 400;\">. <\/span><\/li>\n<\/ul>\n<h2><a id=\"h4\"><\/a><span style=\"text-decoration: underline;\"><strong>India\u2019s Reforms Express:<\/strong><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Government has undertaken comprehensive economic reforms towards creating employment, boosting productivity and accelerating growth. Over 350 reforms have been rolled out. These include GST simplification, notification of Labour Codes, and <\/span><span style=\"font-weight: 400;\">rationalisation of mandatory Quality Control Orders.<\/span><\/p>\n<table style=\"width: 100%; border-collapse: collapse; border-style: solid; border-color: #000000;\">\n<tbody>\n<tr>\n<td style=\"width: 15.3019%;\"><b>First kartavya: Accelerate and sustain economic growth<\/b><\/td>\n<td style=\"width: 84.6981%;\"><b><i>Kartavya-1: Area-1 Scaling up manufacturing in 7 strategic and frontier sectors:<\/i><\/b><\/p>\n<ol>\n<li><b>Biopharma SHAKTI <\/b><span style=\"font-weight: 400;\">has been proposed with an outlay of \u20b9 10,000 crores over the next 5 years, to develop India as a global Biopharma manufacturing hub. This will build the ecosystem for domestic production of biologics and biosimilars, for non-communicable diseases, like diabetes, cancer and autoimmune disorders:<\/span>\n<ol style=\"list-style-type: lower-alpha;\">\n<li><span style=\"font-weight: 400;\">Setting up <\/span><b>3 new National Institutes of Pharmaceutical Education and Research (NIPER)<\/b><span style=\"font-weight: 400;\"> and upgrading 7 existing ones. <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Creation of a network of over <\/span><b>1000 accredited India Clinical Trials<\/b><span style=\"font-weight: 400;\"> sites.<\/span><\/li>\n<\/ol>\n<\/li>\n<li><b>India Semiconductor Mission (ISM) 2.0<\/b><span style=\"font-weight: 400;\"> to be launched to produce equipment and materials, design full-stack Indian IP, and fortify supply chains, for expansion of India\u2019s <\/span><span style=\"font-weight: 400;\">semiconductor sector capabilities.<\/span><\/li>\n<li><b>The Electronics Components Manufacturing Scheme- <\/b><span style=\"font-weight: 400;\">Outlay on the scheme to be increased to \u20b940,000 crore. <\/span><\/li>\n<li><b>Establishment of dedicated Rare Earth Corridors<\/b><span style=\"font-weight: 400;\"> in the mineral-rich States of Odisha, Kerala, Andhra Pradesh and Tamil Nadu\u00a0 to promote mining, processing, research and <\/span><span style=\"font-weight: 400;\">Manufacturing.<\/span><\/li>\n<li><b>Scheme to support States in establishing 3 dedicated Chemical Parks <\/b><span style=\"font-weight: 400;\">to enhance domestic chemical production and reduce import dependency.<\/span><\/li>\n<li><b>Building strong capital goods capability<\/b><span style=\"font-weight: 400;\">:<\/span>\n<ol style=\"list-style-type: lower-alpha;\">\n<li><b>Hi-Tech Tool Rooms to be established by CPSEs at 2 locations<\/b><span style=\"font-weight: 400;\"> as digitally enabled automated service bureaus that locally design, test, and manufacture high-precision components at scale and at lower cost.<\/span><\/li>\n<li><b>Scheme for Enhancement of Construction and Infrastructure Equipment (CIE)<\/b><span style=\"font-weight: 400;\"> to be introduced to strengthen domestic manufacturing of high-value and technologically-advanced CIE. <\/span><\/li>\n<li><b>Scheme for Container Manufacturing<\/b><span style=\"font-weight: 400;\"> to create a globally competitive container manufacturing ecosystem, with a budgetary allocation of \u20b910,000 crore over a 5 year period.<\/span><\/li>\n<\/ol>\n<\/li>\n<li><b>Labour- Intensive Textile Sector:<\/b>\n<ol style=\"list-style-type: lower-alpha;\">\n<li><span style=\"font-weight: 400;\">The <\/span><b>National Fibre Scheme<\/b><span style=\"font-weight: 400;\"> for self-reliance in natural fibres such as silk, wool and jute, man-made fibres, and new-age fibres.<\/span><\/li>\n<li><b>Textile Expansion and Employment Scheme<\/b><span style=\"font-weight: 400;\"> to modernise traditional clusters.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">A <\/span><b>National Handloom and Handicraft programme<\/b><span style=\"font-weight: 400;\"> to integrate and strengthen existing schemes and ensure targeted support for weavers and artisans.<\/span><\/li>\n<li><b>Tex-Eco Initiative <\/b><span style=\"font-weight: 400;\">to promote globally competitive and sustainable textiles and apparels.<\/span><\/li>\n<li><b>Samarth 2.0<\/b><span style=\"font-weight: 400;\"> to modernize and upgrade the textile skilling ecosystem.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Launch of <\/span><b>Mahatma Gandhi Gram Swaraj initiative<\/b><span style=\"font-weight: 400;\"> to strengthen khadi, handloom and handicrafts. This will help in global market linkage and branding.<\/span><\/li>\n<li><b>Dedicated initiative for sports goods <\/b><span style=\"font-weight: 400;\">that will promote manufacturing, research and innovation in equipment design as well as material sciences.<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><b><i>Kartavya-1- Area-2 Rejuvenation of Legacy Industrial Clusters:<\/i><\/b><\/p>\n<p><b>Scheme to revive 200 legacy<\/b><span style=\"font-weight: 400;\"> industrial clusters to improve their cost competitiveness and efficiency through infrastructure and technology upgradation.<\/span><\/p>\n<p><b><i>Kartavya-1- Area-3 Creating \u201cChampion SMEs\u201d and supporting micro enterprises <\/i><\/b><span style=\"font-weight: 400;\">Three-pronged approach to help the MSME\u2019s grow as \u201cchampions\u201d.<\/span><\/p>\n<p><b><i>Kartavya-1- Area-4 Delivering a powerful push to Infrastructure:\u00a0<\/i><\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Continue to <\/span><b>focus on developing infrastructure in cities with over 5 lakh population<\/b><span style=\"font-weight: 400;\"> (Tier II and Tier III), which have expanded to become growth centres.<\/span><\/li>\n<li><b>Public capex to be increased to \u20b912.2 lakh crore<\/b><span style=\"font-weight: 400;\">, to continue the infrastructure momentum. <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Setting up <\/span><b>Infrastructure Risk Guarantee Fund <\/b><span style=\"font-weight: 400;\">to provide prudently calibrated partial <\/span><span style=\"font-weight: 400;\">credit guarantees to lenders.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Recycling of <\/span><b>real estate assets of CPSEs through the setting up of dedicated REITs.\u00a0<\/b><\/li>\n<li><span style=\"font-weight: 400;\">Promotion of environmentally sustainable movement of cargo:<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">Establishment of <\/span><b>new Dedicated Freight Corridors<\/b><span style=\"font-weight: 400;\"> connecting Dankuni in the East, to Surat in the West.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Operationalising <\/span><b>20 new National Waterways <\/b><span style=\"font-weight: 400;\">connecting mineral rich areas, industrial centres and ports.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Setting up a <\/span><b>ship repair ecosystem<\/b><span style=\"font-weight: 400;\"> catering to inland waterways at Varanasi and Patna.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Launch a <\/span><b>Coastal Cargo Promotion Scheme<\/b><span style=\"font-weight: 400;\"> to increase the share of inland waterways and coastal shipping from 6% to 12% by 2047.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Launching a<\/span><b> Seaplane VGF Scheme <\/b><span style=\"font-weight: 400;\">to indigenise manufacturing.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b><i>Kartavya-1- Area-5 Ensuring long-term energy security and stability:\u00a0<\/i><\/b><span style=\"font-weight: 400;\">An outlay of <\/span><b>\u20b920,000 crore over the next 5 years<\/b><span style=\"font-weight: 400;\">, is proposed for <\/span><b>CCUS technologies at scale<\/b><span style=\"font-weight: 400;\"> to achieve higher readiness levels in end-use applications across five industrial sectors, including, power, steel, cement, refineries and chemicals.<\/span><\/p>\n<p><b><i>Kartavya-1- Area-6 Developing City Economic Regions:\u00a0<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">Amplify the potential of cities to deliver the economic power of agglomerations by mapping <\/span><b>city economic regions (CER)<\/b><span style=\"font-weight: 400;\">, based on their specific growth drivers. An allocation of <\/span><b>\u20b9 5000 crore per CER over 5 years<\/b><span style=\"font-weight: 400;\"> is proposed for implementing their plans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Develop<\/span><b> seven High-Speed Rail corridors<\/b><span style=\"font-weight: 400;\"> between cities as \u2018growth connectors\u2019, namely i) Mumbai-Pune, ii) Pune-Hyderabad, iii) Hyderabad-Bengaluru, iv) Hyderabad-Chennai, v) Chennai-Bengaluru, vi) Delhi-Varanasi, vii) Varanasi-Siliguri.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 15.3019%;\"><b>Second kartavya:<br \/>\nTo fulfil aspirations and build capacity<\/b><\/td>\n<td style=\"width: 84.6981%;\"><b>Second Kartavya- Area- Renewed emphasis on the Services Sector:\u00a0<\/b><span style=\"font-weight: 400;\">To provide a pathway to fulfilling aspirations of a youthful India. The following measures are envisaged under the following pillars to achieve the second Kartavya.<\/span><\/p>\n<table style=\"width: 100%; border-collapse: collapse; border-style: solid; border-color: #000000;\">\n<tbody>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Services Sector<\/b><\/td>\n<td style=\"width: 98.7578%;\"><b>High-Powered \u2018Education to Employment and Enterprise\u2019 <\/b><b style=\"font-family: inherit; font-size: inherit;\">Standing Committee <\/b><span style=\"font-weight: 400;\">to focus on the Services Sector as a core driver of Viksit Bharat. Committee to prioritise areas to optimise the potential for growth, employment and exports.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Health Sector<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\">Upgradation of existing institutions for<\/span><b> Allied Health Professionals (AHPs)<\/b><span style=\"font-weight: 400;\"> and establishment of new AHP Institutions in private and Government sectors, to cover 10 selected disciplines.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Care Ecosystem<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\"><b>Building a strong Care Ecosystem<\/b>, covering geriatric and allied care services. Training of <b>1.5 lakh caregivers<\/b>,\u00a0 covering core care and allied skills, such as, wellness, yoga and operation of medical and assistive devices.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Medical Value Tourism<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\">Schemes to support States in establishing <b>Five Hubs for Medical Value Tourism<\/b> in partnership with the\u00a0 private sector.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Animal Husbandry<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\">Scale up availability of <\/span><b>veterinary professionals by more than 20,000<\/b><span style=\"font-weight: 400;\">. <\/span><b>Loan-linked capital subsidy support <\/b><span style=\"font-weight: 400;\">scheme for establishment of veterinary and paravet colleges, veterinary hospitals, diagnostic laboratories and breeding facilities in the private sector.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Orange Economy<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\">Support to the <b>Indian Institute of Creative Technologies, Mumbai<\/b> in setting up <b>AVGC Content Creator Labs <\/b>in 15,000 secondary schools and 500 colleges.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Design<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\">Setting up of a <\/span><b>new National Institute of Design<\/b><span style=\"font-weight: 400;\"> through <\/span><span style=\"font-family: inherit; font-size: inherit;\">the <\/span><b style=\"font-family: inherit; font-size: inherit;\">challenge route<\/b><span style=\"font-family: inherit; font-size: inherit;\"> in the <\/span><b style=\"font-family: inherit; font-size: inherit;\">eastern region of India.<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Education<\/b><\/td>\n<td style=\"width: 98.7578%;\">\n<ul>\n<li><span style=\"font-weight: 400;\"><b>5 University Townships<\/b> in the vicinity of major industrial and logistic corridors.<\/span><\/li>\n<li><b>A girls\u2019 hostel in Higher Education STEM institutions<\/b><span style=\"font-weight: 400;\"> in every district.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Setting up or upgrading of <\/span><b>four Telescope Infrastructure facilities.<\/b><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Tourism<\/b><\/td>\n<td style=\"width: 98.7578%;\">\n<ul>\n<li><strong><span style=\"font-weight: 400;\">Setting up a <\/span><b>National Institute of Hospitality<\/b><span style=\"font-weight: 400;\"> as a\u00a0 bridge between academia, industry and the Government.<\/span><\/strong><\/li>\n<li><span style=\"font-weight: 400;\">Pilot scheme for upskilling <\/span><b>10,000 guides in 20 iconic tourist sites<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><b>National Destination Digital Knowledge Grid <\/b><span style=\"font-weight: 400;\">to digitally document all places of significance. <\/span><span style=\"font-weight: 400;\">To develop ecologically sustainable Mountain trails, Turtle Trails and Bird watching trails:<\/span>\n<ol>\n<li><b>Mountain trails <\/b><span style=\"font-weight: 400;\">in Himachal Pradesh, Uttarakhand and Jammu and Kashmir; Araku Valley in the Eastern Ghats and Podhigai Malai in the Western Ghats.<\/span><\/li>\n<li><b>Turtle Trails <\/b><span style=\"font-weight: 400;\">along key nesting sites in the coastal areas of Odisha, Karnataka and Kerala.<\/span><\/li>\n<li><b>Bird watching trails<\/b><span style=\"font-weight: 400;\"> along the Pulikat lake in Andhra Pradesh and Tamil Nadu.<\/span><\/li>\n<\/ol>\n<\/li>\n<li><span style=\"font-weight: 400;\">India to host the<\/span><b> first ever Global Big Cat Summit<\/b><span style=\"font-weight: 400;\">. <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Development of<\/span><b> 15 archeological sites<\/b><span style=\"font-weight: 400;\"> (Lothal, Dholavira, Rakhigarhi, Adichanallur, Sarnath, Hastinapur, and Leh Palace) into vibrant, experiential cultural destinations.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Development of<\/span><b> Buddhist Circuits<\/b><span style=\"font-weight: 400;\"> in the North East Region.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Sports<\/b><\/td>\n<td style=\"width: 98.7578%;\"><strong><span style=\"font-weight: 400;\">Launch of <b>Khelo India Mission<\/b> for integrated talent development pathway, systematic coaching development, integration of science &amp; technology and development of sports infrastructure.<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 15.3019%;\"><b>Third kartavya: Sabka Sath, Sabka Vikas towards a Viksit Bharat<\/b><\/td>\n<td style=\"width: 84.6981%;\"><b>Third Kartavya- Area 1: Increasing farmer incomes:<\/b><\/p>\n<table style=\"width: 100%; border-collapse: collapse; border-style: solid; border-color: #000000;\">\n<tbody>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Fisheries<\/b><\/td>\n<td style=\"width: 98.7578%;\">\n<ul>\n<li><span style=\"font-weight: 400;\">Undertake initiatives for <\/span><b>integrated development of 500 reservoirs <\/b><span style=\"font-weight: 400;\">and Amrit Sarovars.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Strengthen the <\/span><b>fisheries value chain in coastal areas <\/b><span style=\"font-weight: 400;\">and enable market linkages.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Animal Husbandry<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\">Entrepreneurship development through: <\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\">Credit-Linked Subsidy Programme <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Scaling-up and modernisation of livestock enterprises<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Enhanced creation of livestock, dairy and poultry-focused integrated-value chains<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Creation of Livestock Farmer Producers Organisations\u00a0<\/span><\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>High Value Agriculture<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\">Support high value crops such as coconut, sandalwood, cocoa and cashew in our coastal areas. Support Agar trees in North East and nuts such as, almonds, walnuts and pine nuts in hilly regions.<\/span><\/p>\n<ol>\n<li><b>Coconut Promotion Scheme <\/b><span style=\"font-weight: 400;\">to increase production and enhance productivity of coconuts.<\/span><\/li>\n<li><b>Enhance export competitiveness<\/b><span style=\"font-weight: 400;\"> and <\/span><b>transform Indian Cashew <\/b><span style=\"font-weight: 400;\">and<\/span><b> Indian Cocoa <\/b><span style=\"font-weight: 400;\">into premium global brands by 2030.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Partner with State Governments to promote focused cultivation and post-harvest processing to restore the glory of the <\/span><b>Indian Sandalwood ecosystem<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Rejuvenate old, low-yielding orchards and expand high-density cultivation of walnuts, almonds and pine nuts, through a <\/span><b>dedicated programme to enhance farmer incomes.<\/b><\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>Bharat-VISTAAR<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\">A multilingual AI tool that shall integrate the <b>AgriStack portals<\/b> and the<b> ICAR package <\/b>on agricultural practices with AI systems.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 1.24224%;\"><b>SHE-Marts for Rural Women-led Enterprises<\/b><\/td>\n<td style=\"width: 98.7578%;\"><span style=\"font-weight: 400;\"><b>Community-owned retail outlets<\/b> within the cluster level federations through enhanced and innovative financing instruments.\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-355198 size-full\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153519.png?resize=682%2C466&#038;ssl=1\" alt=\"\" width=\"682\" height=\"466\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153519.png?w=682&amp;ssl=1 682w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-02-153519.png?resize=300%2C205&amp;ssl=1 300w\" sizes=\"auto, (max-width: 682px) 100vw, 682px\" \/><\/p>\n<p><b>Third Kartavya- Area 2-Empowering Divyangjan:<\/b><\/p>\n<table style=\"width: 100%; border-collapse: collapse; border-style: solid; border-color: #000000;\">\n<tbody>\n<tr>\n<td style=\"width: 8.88199%;\"><b>Divyangjan Kaushal Yojana<\/b><\/td>\n<td style=\"width: 91.118%;\"><span style=\"font-weight: 400;\">Ensure dignified livelihood opportunities for divyangjans in IT, AVGC sectors, Hospitality and Food and Beverages sectors.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 8.88199%;\"><b>Divyang Sahara Yojana<\/b><\/td>\n<td style=\"width: 91.118%;\">\n<ul>\n<li><span style=\"font-weight: 400;\">Support to <\/span><b style=\"font-family: inherit; font-size: inherit;\">Artificial Limbs Manufacturing Corporation of India (ALIMCO)<\/b><span style=\"font-weight: 400;\"> to scale up production of assistive devices, invest in R&amp;D and AI integration.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Strengthening of <\/span><b>PM Divyasha Kendras <\/b><span style=\"font-weight: 400;\">and support setting up of <\/span><b>Assistive Technology Marts <\/b><span style=\"font-weight: 400;\">as modern retail-style centres where Divyangjans and senior citizens can see, try and purchase assistive products.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Third Kartavya- Area 3-Empowering the vulnerable to access mental health and trauma care:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Setting up of<\/span><b> NIMHANS-2 in North India<\/b><span style=\"font-weight: 400;\"> and <\/span><b>upgradation<\/b><span style=\"font-weight: 400;\"> of <\/span><b>National Mental Health Institutes<\/b><span style=\"font-weight: 400;\"> in <\/span><b>Ranchi<\/b><span style=\"font-weight: 400;\"> and <\/span><b>Tezpur<\/b><span style=\"font-weight: 400;\"> as Regional Apex Institutions.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Strengthen and increase the<\/span><b> mental capacities by 50% <\/b><span style=\"font-weight: 400;\">in <\/span><b>District Hospitals<\/b><span style=\"font-weight: 400;\"> by establishing Emergency and Trauma Care Centres.<\/span><\/li>\n<\/ul>\n<p><b>Third Kartavya- Area 4- Focus on the Purvodaya States and the North-East Region:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Development of an integrated East Coast Industrial Corridor with a well-connected node at Durgapur, creation of 5 tourism destinations in the 5 Purvodaya States, and the provision of 4,000 e-buses.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Scheme for Development of Buddhist Circuits in Arunachal Pradesh, Sikkim, Assam, Manipur, Mizoram and Tripura.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><a id=\"h5\"><\/a><span style=\"text-decoration: underline; color: #000000;\"><strong>Budget Tax Proposals- Part B:<\/strong><\/span><\/h2>\n<p><b>Tax Reforms to Boost the Manufacturing Sector:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Exemption from income tax for five years to non residents providing capital goods, equipment or\u00a0 tooling, to any toll manufacturer in a bonded zone.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Provision of safe harbour to non-residents for\u00a0 component warehousing in a bonded warehouse.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Deferred duty payment window to trusted manufacturers.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Increase the limit for duty-free imports of specified inputs used for processing seafood products for export, from the current 1 per cent to 3 per cent of the FOB value of the previous year\u2019s export\u00a0 turnover.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Duty-free imports of specified inputs extended to export of shoe uppers in addition to leather or\u00a0 synthetic footwear.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Extension of time for the export of final product from the existing 6 months to 1 year, for exporters of leather or textile garments, leather and synthetic footwear.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exemption from basic customs duty on specified parts used in the manufacture of microwave ovens.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exemption from basic customs duty on components\u00a0 and parts used in aircraft manufacturing.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exemption from basic customs duty on raw materials imported for manufacture of aircraft parts used in maintenance, repair, or overhaul requirements defence units.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Regular importers with trusted longstanding supply chains to be recognized in the risk system.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Export cargo using electronic sealing to be provided through clearance from the factory premises to the ship.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">A special one-time measure to facilitate sale in domestic tariff area at concessional rate of duty by eligible manufacturing units of SEZs.<\/span><\/li>\n<\/ul>\n<p><b>Tax Proposal for MSMEs- <\/b><span style=\"font-weight: 400;\">Removal of the current value cap of \u20b910 lakh per consignment on courier exports.<\/span><\/p>\n<p><b>Tax Reforms to boost Services Sector:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Clubbing of services under a single category of information technology services with a common safe harbour margin of 15.5%.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Safe harbour threshold for IT services increasing from \u20b9 300 crore to \u20b92,000 crore.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Approval of safe harbour for IT services by an automated rule-driven process.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Continuation of safe harbour for a period of five years at the company\u2019s choice.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Fastracking unilateral APA process for IT services with an aim to conclude it within a period of two years. Can be extended by a further period of six months on the taxpayer\u2019s request.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Extension of facility of modified returns for APA-availing entities to its associated entities.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Provision of tax holidays until 2047 to foreign companies providing cloud services to global customers through India-based data centre services. Related Entities providing data center services from India to get a safe-harbour of 15% on cost.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exemption to global income of non-resident expert for a stay period of 5 years under notified schemes.<\/span><\/li>\n<\/ul>\n<p><b>Tax Proposals for Financial Sector:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Raising the STT on Futures from 0.02% to 0.05%.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">STT on options premium and exercise of options to be raised to 0.15% from rate of 0.1% and 0.125%, respectively.<\/span><\/li>\n<\/ul>\n<p><b>Tax Proposals for Agriculture Sector:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Fish catch by an Indian fishing vessel in Exclusive Economic Zone (EEZ) or on the High Seas to be made free of duty. Treating the landing of such fish on foreign port as export of goods. <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Deduction allowed to primary cooperative society engaged to include supply of cattle feed and cotton seed produced by members. <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Allowing inter-cooperative society dividend income as deduction under the new tax regime to the extent distributed to members.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exemption from tax dividend income received by a notified national co-operative federation from investments made in companies up to 31.1.2026 from tax for a period of three years. Exemption to be allowed only for dividends distributed to its member co-operatives.<\/span><\/li>\n<\/ul>\n<p><b>Tax Proposals for Energy Sector:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Exemption of BCD on import of sodium antimonate for use in manufacture of solar glass.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exemption of BCD on import of capital goods required for the processing of critical minerals in India.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Extending exemption of BCD to capital goods used for the manufacture of Lithium-Ion Cells for batteries to be used in battery energy storage systems.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Extension of the existing basic customs duty (BCD) exemption on imports of goods required for Nuclear Power Projects till the year 2035 and expand it for all nuclear plants irrespective of their capacity.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exclusion of entire value of biogas in Central Excise duty payable on biogas blended CNG.<\/span><\/li>\n<\/ul>\n<p><b>Proposals for Trust Based Governance:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Enhancement of duty-deferral period for Tier 2 and Tier 3 Authorised Economic Operators (AEO) from 15 to 30 days. Eligible manufacturer importers to get the same duty deferral facility. Government agencies will be encouraged to leverage AEO accreditation.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Extension of validity period of advance ruling, binding on Customs, from 3 years to 5 years.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Transformation of Customs warehousing framework into a warehouse operator centric system with self-declarations etc.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The filing of Bill of entry by a trusted importer, and arrival of goods to automatically notify Customs.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Regular importers with trusted longstanding supply chains will be recognized in the risk system, so that the need for verification of their cargo every time can be minimized.<\/span><\/li>\n<\/ul>\n<p><b>Proposals for Ease of Doing Business and Ease of Living:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Individual Persons Resident Outside India (PROIs) will be permitted to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme (PIS). <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Interest awarded by the motor accident claim tribunal to a natural person will be exempt from Income Tax, and any TDS on this account will be done away with.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Reduce TCS rate on sale of overseas tour program package from 5% and 20% to 2% without any stipulation of amount.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Reduce TCS for pursuing education and for medical purposes under the Liberalized Remittance Scheme (LRS) from 5% to 2%.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">TDS on Supply of manpower services to be at the rate of either 1% or 2%. <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Obtaining a lower or nil deduction certificate through rule-based automated process for small taxpayers.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Enable depositories to accept Form 15G or Form 15H from taxpayers holding securities in multiple companies.<\/span><span style=\"font-weight: 400;\">Time available for revising returns extended from 31st December to up to 31st March with the payment of a nominal fee.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Individuals with ITR 1 and ITR 2 returns will continue to file till 31st July and non-audit business cases or trusts are proposed to be allowed time till 31st August.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">TDS on the sale of immovable property by a non-resident to be deducted and deposited through resident buyer\u2019s PAN instead of\u00a0 TAN.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Introducing a one-time 6-month foreign asset disclosure scheme below a certain size for small taxpayers.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Allow taxpayers to update their returns even after reassessment proceedings have been initiated at an additional 10 percent tax rate over and above the rate applicable for the relevant year.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Framework for immunity from penalty and prosecution in the cases of underreporting extended to misreporting.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Non-production of books of account and documents and requirement of TDS payment is decriminalised.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Immunity from prosecution with retrospective effect from 1.10.2024 for non-disclosure of non immovable foreign assets with aggregate value less than \u20b9 20 lakh.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exemption from Minimum Alternate Tax (MAT) to all non-residents who pay tax on presumptive basis.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Constitute a Joint Committee of Ministry of Corporate Affairs and Central Board of Direct Taxes for incorporating the requirements of Income Computation and Disclosure Standards (ICDS) in the Indian Accounting Standards (IndAS).<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Tax buyback for all types of shareholders as Capital Gains. However, promoters will pay an additional buyback tax.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Set-off using available MAT credit to be allowed to an extent of 1\/4th of the tax liability in the new regime.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">MAT is proposed to be made final tax.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Exempt BCD on 17 drugs or medicines for cancer patients.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Single and interconnected digital window for cargo clearance approvals.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Customs Integrated System (CIS) to be rolled out in 2 years.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Honest taxpayers willing to settle disputes will now be able close cases by paying an additional amount in lieu of penalty.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On the sacred occasion of Magha Purnima and the birth anniversary of Guru Ravidas, Finance Minister Nirmala Sitharaman presented the Budget for the year 2026-2027. This was her 9th consecutive budget. This is a Yuva Shakti-driven Budget.\u00a0 Table of Content Budget Basics MACRO-ECONOMIC HIGHLIGHTS OF THE BUDGET 2026-27 Budget Highlights 2026-27-Part A India\u2019s Reforms Express&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/union-budget-2026-2027\/\">Continue reading <span class=\"screen-reader-text\">Union Budget 2026-2027<\/span><\/a><\/p>\n","protected":false},"author":10391,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-355178","post","type-post","status-publish","format-standard","hentry","category-7-pm","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/355178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10391"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=355178"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/355178\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=355178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=355178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=355178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}