AIDC Levy On Aircraft Tyres To Continue At 0.5 Percent After Budget 2026-27

Finance Minister Nirmala Sitharaman, as part of the Union Budget 2026–27, clarified that new pneumatic tyres of rubber used on aircraft will continue to attract Agriculture Infrastructure and Development Cess (AIDC) at 0.5%. The clarification applies to goods falling under tariff item 4011 30 00.AIDC is a customs duty levied under Section 124 of the Finance Act, 2021. It is charged on notified imported goods.At present, Sl. No. 13A of Notification No. 11/2021-Customs prescribes AIDC at 0.5% on...

Budget 2026-27 Introduces One-Time Disclosure Scheme For Small Taxpayers' Undisclosed Foreign Assets

The Union Budget 2026 has introduced the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 through the Finance Bill, 2026. The scheme proposes to offer a one-time opportunity for eligible taxpayers to come forward and declare undisclosed foreign assets or foreign income. On making a valid declaration and payment, taxpayers can obtain immunity from penalty and prosecution under the Black Money law. The Scheme covers undisclosed assets located outside India as well as undisclosed...

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...

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...