Union Budget 2026 Highlights

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Union Budget 2026 Highlights

  • By Web Online CA
  • Updated On 02-February-2026

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2026 in the Lok Sabha on 1 February, Sunday. This Budget is notable as it marks her ninth consecutive presentation, a rare milestone in the tenure of India’s finance ministers.
The Budget focuses on steady economic growth, stronger domestic finances, support for businesses, and long-term infrastructure development, while maintaining fiscal discipline in a challenging global environment.

Union Budget 2026 Highlights

The government has increased the capital expenditure outlay to Rs 12.2 lakh crore for FY27 from Rs 11.2 lakh crore earlier. At the same time, the fiscal deficit is expected to ease marginally to 4.3 percent of GDP. Net tax collections are projected at Rs 28.7 lakh crore, while the overall size of the Budget has been estimated at Rs 53.5 lakh crore.

No change in Income Tax Slabs

Income tax rates and slabs have been kept unchanged, following the major reforms introduced last year. The Finance Minister announced measures to simplify tax compliance and provide relief to taxpayers, including an extension for revising income tax returns from December 31 to March 31, with a nominal fee.

New Tax Regime

Extension of ITR Filing and Revised Return Deadlines

For non-audit taxpayers, except those filing ITR-1 and ITR-2, the due date for submitting income tax returns has been extended to 31st August. This extension is applicable from FY 2025-26 (AY 2026-27). Simply put, the due dates for ITR-3 and ITR-4 have now been set at 31st August. For the upcoming assessment year, eligible taxpayers must ensure their returns are filed by 31st August 2026 to remain compliant.

In addition, the Finance Ministry has extended the deadline for filing revised income tax returns. The due date, which was earlier 31st December, is now moved to 31st March. This provides taxpayers extra time to revise their returns

ITR Filing Dates

Key Highlights

•  Income tax slabs remain unchanged, with more time allowed for filing revised returns.

•  The defence budget has been increased to ₹7.85 lakh crore.

•  Import duty has been removed on 17 cancer medicines and selected drugs.

•  Three Ayurvedic AIIMS and five medical hubs will be set up.

•  Hostels for working women and girl students will be built in around 800 districts.

•  The SHE-SMART scheme has been launched to support women’s income and skills.

•  Seven new high-speed rail corridors have been announced.

•  Tax benefits have been increased for semiconductor and battery manufacturing.

•  Special corridors will be developed for rare earth minerals.

•  National Fibre Scheme and support for khadi have been announced.

•  Relief in TCS has been provided on foreign spending.

•  Infrastructure will be upgraded in 15,000 schools and 500 colleges.

•  ₹12.2 lakh crore has been allocated for Tier-2 and Tier-3 city development.

•  Interest on motor accident compensation is now tax-free.

•  Tax benefits on Sovereign Gold Bonds bought from exchanges have been withdrawn.

 

Frequently Asked Questions

Budget 2026 emphasizes sustaining economic growth, strengthening domestic finances, supporting businesses, and investing in long-term infrastructure while maintaining fiscal discipline in a challenging global environment.

Budget 2026 focuses on steady economic growth while encouraging people to spend and support the economy.

Yes. For non-audit taxpayers, the deadline for ITR-3 and ITR-4 has been extended to 31st August. The deadline for revised returns has been moved from 31st December to 31st March.

It aims to maintain steady growth, strengthen finances, and encourage spending, while keeping government budgets under control despite global challenges.

It maintains fiscal discipline and ensures domestic finances are strong to handle uncertainty in the global economy.
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