Cabinet approves Union Budget 2026-27
New Delhi (PTI): The Union Cabinet headed by Prime Minister Narendra Modi on Sunday approved the Union Budget 2026-27.
Following the approval, Finance Minister Nirmala Sitharaman will present her ninth record Budget in the Lok Sabha that comes in the backdrop of global uncertainties and slowdown in exports.
This is the third Budget of the BJP-led NDA government in its third term in office.
Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which was in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth. This year's Budget would also be in paperless form.
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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.
