News Updates
Cigarettes Turn Costlier From Today As 40% Sin Tax Kicks In
Cigarettes will get 40% costlier from today, as higher taxes on tobacco products notified by the Union government take effect from February 1, 2026.The Ministry of Finance had issued the notification on December 31, 2025, replacing the GST compensation cess with a 40 per cent sin tax under the Central Excise (Amendment) Bill, 2025. While the notification was issued earlier, the revised levy becomes applicable from today.The notification also raises the GST rate on tobacco and related products...
Budget 2026-27 Proposes 12-Month Window From Assessment Year End To File Revised Income Tax Returns
As per the proposals in the Union Budget 2026–27, the government has proposed extending the time limit for filing a revised income tax return from the existing nine months to twelve months from the end of the relevant assessment year.At present, the deadlines for filing a belated return under Section 139(4) and a revised return under Section 139(5) coincide, both expiring nine months from the end of the relevant assessment year. As a result, taxpayers who file a belated return towards the end of...
Budget 2026–27 Allocates ₹1,200 Crore For E-Courts Phase III Implementation
The Union Budget 2026–27 has allocated ₹1,200 crore for the implementation of the e-Courts project (Phase III) under the National Mission for Justice Delivery and Legal Reforms, as per the Expenditure Budget. The allocation remains unchanged from 2024–25, when ₹1,200 crore was earmarked, with the funding provided under the Ministry of Law and Justice. The e-Courts project, implemented since 2007 under the National e-Governance Plan, aims at Information and Communication Technology enablement...
Budget 2026-27: Centre Proposes Seven New High-Speed Rail Corridors Linking Major Cities
Presenting the Union Budget 2026 in the Lok Sabha on February 1, 2026, the Finance Minister announced plans to develop seven high-speed rail corridors between major cities as growth connectors. The proposed corridors are Mumbai–Pune, Pune–Hyderabad, Hyderabad–Bengaluru, Hyderabad–Chennai, Chennai–Bengaluru, Delhi–Varanasi and Varanasi–Siliguri. The Finance Minister said the high-speed rail corridors would be developed to promote environmentally sustainable passenger systems. “In order to...
Budget 2026-27: Centre Announces ₹10,000 Crore To Boost Domestic Biologics Manufacturing
Presenting the Union Budget 2026 in the Lok Sabha today, Finance Minister Nirmala Sitharaman announced a new Biopharma SHAKTI initiative with an outlay of ₹10,000 crore over the next five years to promote domestic production of biologic medicines and biosimilars. The outlay was proposed in light of India's disease burden shifting towards non-communicable diseases such as diabetes and cancer. Announcing the new scheme, Sitharaman said, “India's disease burden is observed to be shifting towards...
Budget 2026: No Prosecution For Non-Disclosure Of Foreign Assets Up To ₹20 Lakh Under Black Money Law
The Union Government has proposed easing prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in cases involving non-disclosure of foreign assets, other than immovable property, with an aggregate value of up to ₹20 lakh. Clause 144 of the Finance Bill, 2026, proposes amendments to the provisos of Sections 49 and 50 of the Black Money Act to provide further that the prosecution provisions “shall not apply in respect of an asset or...
Budget 2026-27 Proposes Tax Relief On Compensation Received For Compulsory Land Acquisition
In the Union Budget 2026, the Finance Minister has proposed to exempt income in respect of any award or agreement arising from the compulsory acquisition of land under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLARR Act) from income tax, with effect from Assessment Year 2026–27. Under the existing framework, Schedule III of the Income-tax Act provides certain exemptions in respect of capital gains, but does not expressly...
Budget 2026-27: No TAN Needed For Resident Buyers To Deduct TDS On Property Purchases From NRIs
As per a proposal in the Union Budget 2026 tabled by Finance Minister Nirmala Sitharaman today, resident individuals and Hindu Undivided Families (HUFs) purchasing immovable property from a non-resident (NRI) will no longer be required to obtain a Tax Deduction and Collection Account Number (TAN) for the purpose of deducting tax at source. Instead, the tax deducted can be deposited using the Permanent Account Number (PAN) of the buyer.The proposal sought to amend Section 397(1)(c) of the Income...
Budget 2026-27: Centre Set Up High-Level Committee To Review The Banking Sector
Presenting the Union Budget 2026 in the Lok Sabha on Sunday, Finance Minister Nirmala Sitharaman announced a series of measures for the financial sector, including the setting up of a high-level committee to review banking, restructuring of key public sector NBFCs, and reforms to foreign investment and bond market frameworks.The Finance Minister said the Indian banking sector is currently marked by strong balance sheets, historic highs in profitability, improved asset quality and coverage, and...
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...