FM proposes to reduce TCS rates for education, medical purposes
New Delhi: Presenting the Union Budget 2026, Finance Minister Nirmala Sitharaman on Sunday announced relief measures aimed at easing the financial burden on families and streamlining the tax framework.
She proposed reducing the Tax Collected at Source (TCS) on foreign remittances for education and medical purposes from 5 per cent to 2 per cent, a move expected to benefit students studying abroad and those seeking overseas medical treatment.
The finance minister also announced that the new Income Tax Act will come into effect from April 1, 2026, marking a major overhaul of the country’s direct tax system.
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Hyderabad–B’luru, Chennai-B’luru among seven high-speed rail corridors announced in budget
New Delhi: India will expand its high-speed rail network with seven new corridors as part of efforts to promote faster and environmentally sustainable passenger transport, Finance Minister Nirmala Sitharaman announced while presenting the Union Budget 2026 in Parliament on Sunday.
Outlining the government’s infrastructure plans, Sitharaman said the proposed high-speed rail corridors are aimed at improving connectivity between major economic and cultural centres, while also helping reduce the carbon footprint of long-distance travel.
“The government proposes to develop environmentally sustainable passenger transport systems through seven high-speed rail corridors,” the finance minister said in her Budget speech.
According to the announcement, the identified routes include Mumbai–Pune, Hyderabad–Bengaluru, Delhi–Varanasi, Varanasi–Siliguri, Pune–Hyderabad, Hyderabad–Chennai and Chennai–Bengaluru. These corridors are expected to link key metropolitan cities with fast-growing urban and industrial hubs.
