BREAKING | Any Delay In Income Tax Audit Report May Attract ₹75,000 Late Fee, Proposes Finance Bill 2026

A single day's delay in furnishing a tax audit report may attract a fee of ₹75,000 under the proposed Income-tax Act, 2025, as per the scheme set out in the Finance Bill, 2026.The Finance Bill, 2026 was presented in Parliament by Finance Minister Nirmala Sitharaman on Sunday.Under the existing law, failure to comply with tax audit requirements attracted a penalty linked to turnover, capped at ₹1.5 lakh, and the penalty could be waived if the taxpayer showed a reasonable explanation for the...

Union Budget 2026–27: Government To Set Up 'BharatTradeNet' As Unified Digital Platform For International Trade

The Union Government in its Budget fior the fiscal years 2026-27 announced the establishment of BharatTradeNet (BTN), a new digital public infrastructure for international trade, aimed at simplifying and modernising India's trade ecosystem.In her budget speech, Finance Minister Nirmala Sitharaman said:“A digital public infrastructure, 'BharatTradeNet' (BTN) for international trade will be set-up as a unified platform for trade documentation and financing solutions. This will complement the...

Union Budget 2026-27: Fiscal Snapshot and Key Announcements

The Union Budget 2026–27 outlined the government's spending and reform priorities for the coming financial year. The fiscal deficit for FY 2026–27 has been estimated at 4.3% of GDP, compared to 4.4% in the revised estimate for FY 2025–26. The Centre's debt-to-GDP ratio is projected at 55.6%, with a stated target of bringing it down to around 50% by 2030.Union Budget 2026–27: Fiscal Snapshot (At a Glance) A. Key Macro & Fiscal Indicators ...

Union Budget 2026: FM Proposes Rollout Of Customs Integrated System (CIS) In 2 Years

Presenting the Union Budget 2026, Finance Minister Nirmala Sitharaman announced the rollout of a new Customs Integrated System to overhaul customs processes.“I propose that a Customs Integrated System will be rolled out in two years as a single, integrated and scalable platform for all customs processes,” Sitharaman said. The Finance Minister also announced expanded use of technology for cargo examination. “Utilisation of non-intrusive scanning with advanced imaging and AI technology for risk...

Budget 2026-27: Govt To Facilitate ICAI, ICSI, ICMAI To Run Short Term Know-How Courses For Youth

The Union Budget 2026 was presented by Finance Minister Nirmala Sitharaman in Parliament today at 11 AM, marking a rare departure from convention, being presented on a Sunday this time. Among the key announcements aimed at skill development and youth empowerment, the Government stated that it will facilitate leading professional institutions like ICAI, ICSI and ICMAI to design and deliver short-term, modern know-how courses to create a skilled cadre of corporate-ready youth. As per the Budget...

Union Budget 2026: FM Proposes Major Income Tax Changes

Presenting the Union Budget 2026, the Finance Minister Nirmala Sitharaman proposed the replacement of the Income Tax Act, 1961 with a new Income Tax Act, 2025, to come into force from April 1, 2026, alongside a series of reforms to the direct-tax regime. The Finance Minister said a comprehensive review of the six-decade-old law, announced in July 2024, had been completed in record time. Simplified Income Tax Rules and new return forms will be notified shortly, with the stated objective...

Budget Proposes 14% Minimum Alternate Tax Final Levy For Companies Opting New Regime From April 2026

The Union Budget 2026–27 on Sunday proposed changes to the Minimum Alternate Tax (MAT) regime applicable to companies, to take effect from April 1, 2026, alongside the implementation of the Income Tax Act, 2025.Presenting the budget, Finance Minister Nirmala Sitharaman said, “I propose to make Minimum Alternate Tax a final tax for companies opting for the new tax regime.”She further announced a reduction in the rate, stating, “The MAT rate is proposed to be reduced to 14 per cent.”The proposal...

Budget Proposes Hike In Securities Transaction Tax On Futures And Options

The Union Budget 2026–27 on Sunday proposed an increase in Securities Transaction Tax (STT) on futures and options trades.Presenting the Budget, Finance Minister Nirmala Sitharaman announced higher STT rates for derivative transactions. “I propose to raise the STT on Futures to 0.05 per cent from the present 0.02 per cent,” she said. The Finance Minister also proposed a hike in STT on options. “STT on options premium and exercise of options are both proposed to be raised to 0.15 per cent from...

Budget 2026-27 Proposes Revision Of Baggage Rules, Higher Duty-Free Allowances For International Travellers

The Union Budget 2026–27 on Sunday proposed changes to customs rules governing baggage clearance during international travel to address passenger concerns and align duty-free allowances with current travel patterns. Presenting the indirect tax proposals, Finance Minister Nirmala Sitharaman said, “I propose to revise provisions governing baggage clearance during international travel to address genuine concerns of passengers.” She added that the revised rules would “enhance duty-free allowances...

Budget 2026-27 Proposes Cuts On Customs Duty On Personal Imports, Exempts Cancer Drugs And Rare Disease Medicines

The Union Budget 2026–27 presented on Sunday proposed customs duty relief for personal imports and medicines used in the treatment of serious illnesses.Finance Minister Nirmala Sitharaman said, “To rationalise the customs duty structure for goods imported for personal use, I propose to reduce the tariff rate on all dutiable goods imported for personal use from 20 per cent to 10 per cent.” She also announced healthcare-specific exemptions. “To provide relief to patients, particularly those...

Union Budget 2026–27: Buyback Proceeds To Be Taxed As Capital Gains, Promoters Face Additional Levy

The Union Budget 2026–27 has introduced a significant reform in the taxation of share buybacks by shifting the tax incidence to shareholders and aligning buyback income with the capital gains framework.Under the new proposal, proceeds received by all categories of shareholders, including retail investors, institutional investors, and foreign shareholders from share buybacks will be taxed as capital gains, instead of being subject to a separate buyback distribution tax at the company level. This...

Breaking: Budget 2026–27 Keeps Income Tax Slabs And Standard Deduction Unchanged

Finance 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. The standard deduction...