By Admin 
Union Budget 2026: Union Finance Minister Nirmala Sitharaman presented the budget for the financial year 2026-27 on February 1. Like every time, this time too this budget brought some relief and some pressure for different sectors of the economy. The basic objective of this budget presented on Sunday was to maintain the development, improvement and economic stability of the country. On one hand, while giving priority to development, expenditure on infrastructure has been increased, on the other hand, the government has also shown strictness in some areas to strengthen its revenue position.
What relief to taxpayers?
Talking about relief measures, the government has tried to provide relief to the taxpayers by simplifying the income tax rules instead of giving them direct exemption in tax slabs. This includes giving additional time for filing income tax revised returns, reducing tax penalties and decriminalizing some technical or unintentional mistakes. These measures are expected to reduce mental pressure on taxpayers as well as increase confidence in the tax system.
The government has also relaxed the rules to promote foreign investment. An attempt has been made to make India more attractive for investment by increasing investment limits and simplifying some tax related provisions. Its objective is to increase capital inflows and accelerate economic activities in the long term.
What did consumers get?
From the consumers’ point of view, customs duty on many life-saving medicines and essential medical supplies has been reduced in the budget, which is likely to reduce the cost of treatment. However, a section of consumers have been disappointed due to not getting any special relief on some digital products and items of daily use. Overall, the budget seems to be trying to strike a balance between development and revenue balance, but the relief provided to the common man seems to be limited.
What are the benefits?
Now there will be no customs duty on 17 types of life saving medicines. These include cancer medicines, medicines and special food for seven types of rare diseases.
Customs duty cut on microwave
Customs duty reduction on many types of capital goods increased
Steps taken to increase exports of textiles, leather and marine goods
Share buyback will be taxable and treated as capital gains for all shareholders
Also read: Fitch Ratings’ big statement on India’s Budget 2026, estimates the country’s GDP growth rate