Budget 2026 LIVE: Union Cabinet Clears Budget as FM Nirmala Sitharaman Begins Speech in Parliament

Union Budget 2026 LIVE: Effective tax on corporate promoters set at 22%, while non-corporate promoters will face 30% tax on buybacks.

• Securities Transaction Tax (STT) on futures raised to 0.05%.
• STT on options premium increased to 0.15% from the earlier 0.1%.
• Companies under the New Regime will be allowed to set off brought forward Minimum Alternate Tax (MAT) credit.
• MAT proposed to become a final tax, with the rate reduced to 14% from the current 15%.
• Brought forward MAT credit accumulated up to March 2026 will continue to be available for set-off.

Union Budget 2026 LIVE: Under the new income tax regime for FY 2026–27, income up to ₹4 lakh is fully exempt due to the basic exemption limit. Tax rates then apply progressively across the following slabs:

1. 5% on income between ₹4 lakh and ₹8 lakh
2.  10% on income between ₹8 lakh and ₹12 lakh
3.  15% on income between ₹12 lakh and ₹16 lakh
4.  20% on income between ₹16 lakh and ₹20 lakh
5.  25% on income between ₹20 lakh and ₹24 lakh
6.  30% on income above ₹24 lakh (highest tax slab)

Union Budget 2026 LIVE: The government has extended the timeline for revising Income Tax Returns (ITR) with the payment of a nominal fee.

• Individuals filing ITR-1 and ITR-2 can continue to file their returns until 31 July.
• For the sale of immovable property by NRIs, TDS will now be deducted by the resident buyer, removing the earlier requirement of obtaining a TAN.
• Taxpayers will be allowed to update income tax returns even after reassessment, subject to an additional 10% tax.

Union Budget 2026 LIVE: India has revised its expenditure target upward to ₹53.5 lakh crore, compared with ₹49.6 lakh crore in FY26.

• Net market borrowing is estimated at ₹11.7 lakh crore
• Gross market borrowing is projected at ₹17.2 lakh crore
• Net tax receipts are estimated at ₹28.7 lakh crore in FY27

Union Budget 2026 LIVE: The government has announced plans to develop seven high-speed rail corridors between major cities to serve as growth connectors.

The proposed corridors include Mumbai–Pune, Hyderabad–Pune, Hyderabad–Bengaluru, Chennai–Bengaluru, Delhi–Varanasi, and Varanasi–Siliguri, among others.

 Union Budget 2026 LIVE: The government has proposed a ₹10,000-crore SME Growth Fund to incentivise small industries across India. In addition, a Self-Reliant India Fund with an outlay of ₹2,000 crore will support micro enterprises.

Key highlights include:

1. A new scheme to support states in establishing three chemical parks. 
2. An allocation of ₹10,000 crore over five years to boost container manufacturing in India. 
3. A new National Fibre Scheme aimed at achieving self-sufficiency in fibre production.

Union Budget 2026 LIVE: The government has proposed an allocation of ₹10,000 crore for the biopharma sector, Finance Minister Nirmala Sitharaman announced during her budget speech.

Under the ‘Biopharma Shakti’ initiative, India aims to emerge as a global biopharma hub with a ₹10,000 crore outlay spread over five years. The programme will establish a network of 1,000 accredited clinical trial sites to strengthen the biopharma industry.

“The government has undertaken comprehensive reforms to accelerate growth and boost productivity,” Sitharaman said. “More than 350 reforms have been rolled out recently. The reform express is well on its way.”

Budget 2026 LIVE: Finance Minister Nirmala Sitharaman said the Union Budget 2026 is built around three “kartavyas”, as she addressed Parliament during her budget speech.

She said the first responsibility is to accelerate and sustain economic growth by enhancing competitiveness. The second is to fulfil the aspirations of the people. The third is to ensure that every family, community, and region has access to resources and opportunities.

“This threefold approach requires a supportive ecosystem. It is a unique, yuva shakti–driven budget,” the Finance Minister said.