Union Budget 2026 Live: Nirmala Sitharaman's 8th Consecutive Budget

12:42 PM

TAN No Longer Needed For TDS On NRI Property Deals

Finance Minister Nirmala Sitharaman simplified Tax Deducted at Source (TDS) on property sales by non-residents. Resident buyers can now deduct and deposit TDS using a PAN-based challan, removing the need to apply for a Tax Deduction Account Number (TAN), she announced in the Union Budget 2026.

"TDS on sale of immobile property by a non-resident is proposed to be deducted and deposited through the resident buyer and his or her PAN-based challan. Instead of requiring a tan, which is a temporary accounting number," the Finance Minister said.

12:40 PM

Nirmala Sitharaman Introduces Finance Bill

Union Finance Minister Nirmala Sitharaman has introduced the Finance Bill 2026 in the Lok Sabha, outlining key fiscal policies, tax reforms, and budgetary allocations for the financial year 2026-27.

12:33 PM

Electronics outlay increased to 40,000 crores

The budget proposes increasing the Electronics Components Manufacturing Scheme outlay from Rs 22,999 crore to Rs 40,000 crore, alongside new initiatives such as ISM 2.0, rare earth corridors, and dedicated chemical parks. These measures aim to strengthen India’s semiconductor ecosystem, reduce import dependency, and support states in developing advanced industrial corridors that boost domestic manufacturing competitiveness. ISM 2.0 launch marks a new phase focused on producing equipment and materials, designing full-stack Indian IP, and strengthening semiconductor supply chains.

12:30 PM

Duty Exemption for Energy and Nuclear Imports

• No Customs Duty On Goods Used To Manufacture Battery Energy Storage System
• No customs duty on sodium antimonate for use in the manufacture of solar glass
• No customs duty on imports of goods for nuclear power projects till 2035
• No Customs Duty On Raw Materials For Manufacture Of Parts For Aviation
• No Customs Duty On Microwave Ovens Parts

12:28 PM

Increase Security Transaction Tax on F&O

Finance Minister Nirmala Sitharaman proposed to increase the Security Transaction Tax (STT) on futures and options (F&O). The centre has proposed to raise the STT on futures to 0.05%, compared to 0.02%, according to the official announcement.

12:25 PM

FM Proposes Higher Duty-Free Import Limit for Seafood Processing Inputs

Union FM Nirmala Sitharaman says, "I propose to increase the limit for duty-free imports of specified inputs used for processing sea foods for export from the current 1% to 3% of FOB value of the previous year's export turnover. I also propose to allow duty-free imports of specified inputs which is currently available for exports of leather or synthetic footwear to exports of shoe uppers as well

12:20 PM

Leather Goods To Get Cheaper

Finance Minister Nirmala Sitharaman proposed allowing duty-free imports of specified inputs required for leather goods exports, aiming to reduce costs for manufacturers and enhance competitiveness in the global market. This move is expected to make leather goods more affordable, benefiting both domestic consumers and international buyers.

12:18 PM

Big relief for Cancer patients

Nirmala Sitharaman announced relief for cancer patients to exempt basic customs duty on 17 drugs and medicines and add seven more rare diseases for the exemption of import duty on personal import of drugs, medicine, and food imported for special medical purposes.

12:16 PM

New TCS Rate

Union Finance Minister Nirmala Sitharaman proposed a reduction in the TCS (Tax Collected at Source) rate on the sale of overseas tour program packages from the current 5% and 20% to 2%, without any stipulation of amount. She also proposed reducing the TCS rate for pursuing education and medical purposes under the Liberalised Remittance Scheme (LRS) from 5% to 2%.

12:05 PM

Govt extends time for revising returns

Union FM Nirmala Sitharaman says, "I propose to extend time available for revising returns from 31st December to up to 31st March with the payment of a nominal fee. I also propose to stagger the timeline for filing of tax returns - individuals with ITR 1 and ITR 2 will continue to file till 31st July and non-audit business cases or trust are proposed to be allowed time till 31st August."

12:02 PM

Push to Strengthen Women-Led Enterprises

The government has announced Self-Help Entrepreneur (SHE) Marts to promote women entrepreneurship, aimed at improving market access and business growth for women-led ventures.

11:53 AM

₹1.4 lakh crore to the states as Finance Commission grants

“1.4 lakh crore to the states for the Year 2026-27 as Finance Commission grants. These includes rural and urban local body and disaster management grants,” FM Nirmala Sitharaman said.

11:51 AM

Lodestar of Aatmanirbharta

Union FM Nirmala Sitharaman says, "Keeping Aatmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the Government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power and universal services to people. These measures have delivered a high growth rate of around 7% and helped us make susbstantial strides in poverty reduction and improvement in the lives of our people."

11:49 AM

Increases investment limit for overseas residents of India

FM Nirmala Sitharaman, in her speech, announced that the central government has increased the overall investment limit for overseas residents of India to 24%, compared to their current 10% level.

11:48 AM

FM announces three All India Institute for Ayurveda

Nirmala Sitharaman announced the establishment of three new All India Institutes of Ayurveda, aiming to promote traditional medicine and enhance healthcare infrastructure across India.

11:47 AM

Coconut promotion scheme proposed in Budget 2026-27

“India is the world’s largest producer of coconuts, and nearly 30 million people, including 10 million farmers, depend on it for their livelihood,” Finance Minister Nirmala Sitharaman says.

“To enhance competitiveness, I propose a coconut promotion scheme to increase production and productivity, including replacing old and non-productive trees with new saplings in major coconut-growing states,” she adds.

11:45 AM

₹20,000 crore to Launch Carbon capture outlay

FM Nirmala Sitharaman proposes an outlay of ₹20,000 crore for launch of a carbon capture and utilisation scheme across sectors like steel and cement.

11:42 AM

Education-To-Employment Standing Committee To Be Established

The government plans to set up a high-powered education-to-employment standing committee. This Committee will prioritise areas to optimise potential for growth in the services space and review the impact of new technology like AI on the services sector.

11:40 AM

Review Foreign Exchange Management Framework

Finance Minister announces market making framework for corporate bonds in Union Budget 2026. The initiative aims to enhance liquidity and improve trading mechanisms in India's corporate bond market. This represents a significant step toward strengthening the country's debt capital markets infrastructure

11:38 AM

High-Level Committee On Banking For Viksit Bharat

Union Finance Minister Nirmala Sitharaman proposed setting up a high-level committee on banking for Viksit Bharat. This committee will comprehensively review the banking sector.

11:37 AM

Setting up ABGC Content Creator labs

While announcing the budget 2026, Sitharaman said the Centre will set up ABGC (Animation, Visual Effects, Gaming, and Comics) content creator labs in 1,500 secondary schools and 500 colleges across the country. In a parallel initiative, the government also proposes to develop five university townships in the vicinity of major industry corridors to strengthen industry-academia linkages.

11:36 AM

New freight corridors between Dankuni and Surat

FM Nirmala Sitharaman, in her Union Budget 2026 speech, proposed to establish a new dedicated freight corridor connecting Dankuni and Surat.

11:35 AM

Dedicated initiative for Sports Goods

Proposing a dedicated initiative for Sports Goods, Ms. Sitharaman says this will help manufacturing, research and equipment design. 

11:33 AM

Plan To Operationalise 20 New National Waterways Over 5 Years

The government plans to operationalise 20 new National waterways over the next five yearsTraining institutes will be set up as regional institutes of excellence in waterways spaceShip repair ecosystem catering to inland waterways will be set up in Varanasi and PatnaThe government also plans to launch a coastal cargo scheme to increase the share of coastal shipping and inland waterwaysTo enhance last-mile, remote connectivity to give support to the manufacturing of seaplanes.

11:31 AM

Portfolio Investment Scheme

Portfolio Investment Scheme to attract foreign investments into India’s financial markets. The scheme aims to streamline investment processes, enhance liquidity, and provide better access for foreign investors. It’s expected to boost capital inflows and support economic growth by strengthening India's market infrastructure.