Union Budget 2026–27: Read All Reports

Union Budget 2026-27 Proposes 'Corporate Mitras' To Support MSME ComplianceThe Union Budget 2026–27 on Sunday proposed the creation of a cadre of trained paraprofessionals, referred to as “Corporate Mitras”, to support micro, small and medium enterprises in meeting compliance requirements.Presenting the Budget, Finance Minister Nirmala Sitharaman said, “The government will facilitate professional institutions such as the Institute of Chartered Accountants of India, Institute of Company Secretaries of India and Institute of Cost Accountants of India to design short-term modular courses and practical tools to develop a cadre of Corporate Mitras, especially in Tier-2 and Tier-3 towns.”Budget 2026–27 Proposes Allowing Individuals Resident Outside India To Invest In Listed Shares Through PISThe Union Budget 2026–27 on Sunday proposed allowing individuals resident outside India to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme, while also raising the permissible holding limits.Presenting the budget, Finance Minister Nirmala Sitharaman said, “Individual persons resident outside India will be permitted to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme.”Union Budget 2026-27: Govt. Proposes Major Push To Promote AyurvedaWhile presenting the Union Budget 2026 in the Parliament today, Finance Minister Nirmala Sitharaman has made announcements that are aimed at promotion of India's native healthcare system - Ayurveda and the AYUSH ecosystem, with a focus on infrastructure expansion, quality enhancement, and global integrationAs part of the initiative, three new All India Institutes of Ayurveda will be set up across the country. These institutes are aimed at boosting education, research, and clinical practice in Ayurveda, while also improving access to specialised healthcare based on traditional medicine systems.Interest On Motor Accident Compensation To Be Tax-Free Under Budget ProposalInterest received on compensation awarded by Motor Accident Claims Tribunals may soon be taken out of the income-tax net.While presenting the Union Budget 2026–27, Finance Minister Nirmala Sitharaman announced a proposal to exempt such interest from tax and remove the requirement of tax deduction at source.“I propose that any interest awarded by the Motor Accident Claims Tribunal to a natural person will be exempt from income tax, and any TDS on this account will be done away with,” Sitharaman told Parliament during her speech on direct tax proposals.Budget 2026-27 Proposes Sharp Cuts In TCS On Overseas Travel, Education And Medical RemittancesThe Union Budget 2026–27 on Sunday also proposed significant reductions in tax collection at source (TCS) rates on overseas travel and certain foreign remittances.Presenting the direct tax proposals, Finance Minister Nirmala Sitharaman announced a cut in TCS on foreign tour packages. “I propose to reduce TCS rate on the sale of overseas tour programme packages from the current 5 per cent and 20 per cent to 2 per cent, without any stipulation of amount,” she said.Budget 2026-27 Proposes Penalty Relief, Decriminalisation And Litigation Reduction In Income Tax LawThe Union Budget 2026–27 on Sunday proposed wide-ranging changes to the income tax penalty and prosecution framework, including immunity schemes, decriminalisation of certain offences and procedural measures to reduce litigation.Presenting her direct tax proposals, Finance Minister Nirmala Sitharaman said, “Multiplicity of proceedings are a hindrance to the ease of doing business.” She proposed to “integrate assessment and penalty proceedings by way of a common order for both.”The Finance Minister announced that taxpayers would not face interest liability on penalties during appeals. “There will be no interest liability on the taxpayer on the penalty amount for the period of appeal before the first appellate authority irrespective of the outcome of appeal process,” she said.Breaking: Budget 2026–27 Keeps Income Tax Slabs And Standard Deduction UnchangedFinance Minister Nirmala Sitharaman on Sunday presented her ninth Union Budget since taking charge in 2019, keeping income tax slabs under the new tax regime unchanged from changes made last year The income tax slabs under the new tax regime remain as follows:Income up to ₹4 lakh – Nil₹4 lakh to ₹8 lakh – 5%₹8 lakh to ₹12 lakh – 10%₹12 lakh to ₹16 lakh – 15%₹16 lakh to ₹20 lakh – 20%₹20 lakh to ₹24 lakh – 25%Above ₹24 lakh – 30%, plus applicable cess.Budget 2026-27 Proposes Withdrawal Of Select Customs Exemptions, Tariff SimplificationThe Union Budget 2026–27 proposed changes to India's customs duty framework aimed at simplifying the tariff structure and reducing long-standing distortions.Presenting her indirect tax proposals, Finance Minister Nirmala Sitharaman said, “To further simplify the tariff structure, support domestic manufacturing, promote export competitiveness, and correct inversion in...

Union Budget 2026–27: Read All Reports

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Union Budget 2026–27: Read All Reports

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