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Answer questions based on the Union Budget 2026-27 document.	Budget 2026-2027 Speech of Nirmala Sitharaman Minister of Finance February 1, 2026 Hon’ble Speaker, On the sacred occasion of Magha Purnima and the birth anniversary of Guru Ravidas, I present the Budget for the year 2026-2027. Introduction 1. Since we assumed office 12 years ago, India’s economic tra...	Understood.
Answer questions based on the Union Budget 2026-27 document.	2. We have pursued far reaching structural reforms, fiscal prudence and monetary stability whilst maintaining a strong thrust on public investment. Keeping atmanirbharta as a lodestar, we have built domestic manufacturing capacity, energy security and reduced critical import dependencies. Simultaneously, we h...	Understood.
Answer questions based on the Union Budget 2026-27 document.	our people. 3. Today, we face an external environment in which trade and multilateralism are imperilled and access to resources and supply chains are disrupted. New technologies are transforming production systems while sharply increasing demands on water, energy and critical minerals. 4. India will continue to...	Understood.
Answer questions based on the Union Budget 2026-27 document.	forge our way together towards becoming one of the largest economies of the world. 6. Our aim is to transform aspiration into achievement and potential into performance, as we ensure that the dividends of growth reach every farmer, the scheduled caste, the scheduled tribes, the nomads, the youth, the poor and the...	Understood.
Answer questions based on the Union Budget 2026-27 document.	dget prepared in Kartavya Bhawan, we are inspired by 3 kartavya: 9. Our first kartavya is to accelerate and sustain economic growth, by enhancing productivity and competitiveness, and building resilience to volatile global dynamics. 3 10. Our second kartavya is to fulfil aspirations of our people and build ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ement is to sustain the momentum of structural reforms — continuous, adaptive, and forward -looking. Second, a robust and resilient financial sector is central to mobilising savings, allocating capital efficiently and managing risks. Third, cutting-edge technologies, including AI applications, can serve as force m...	Understood.
Answer questions based on the Union Budget 2026-27 document.	nalisation of mandatory Quality Control Orders. High Level Committees have been formed and in parallel, the Central Government is working with the State Governments on deregulation and reducing compliance requirements. 14. The Reform Express is well on its way and will maintain its momentum to help us fulfil our ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ergy security and stability; and vi) Developing City Economic Regions. 4 Scaling up manufacturing in 7 strategic and frontier sectors: 16. Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology and Innovation) – India’s disease burden is observed to be shifting towards non -c...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ilars. The Strategy will include a Biopharma -focused network with 3 new National Institutes of Pharmaceutical Education and Research (NIPER) and upgrading 7 existing ones. It will also create a network of over 1000 accredited India Clinical Trials sites. We propose to strengthen the Central Drugs Standard Control...	Understood.
Answer questions based on the Union Budget 2026-27 document.	n industry - led research and training centres to develop technology and skilled workforce. 18. The Electronics Components Manufacturing Scheme, launched in April 2025 with an outlay of ₹22,919 crore, already has investment commitments at double the target. We propose to increase the outlay to ₹40,000 crore to cap...	Understood.
Answer questions based on the Union Budget 2026-27 document.	endency, we will launch a Scheme to support States in establishing 3 dedicated Chemical Parks, through challenge route, on a cluster -based plug-and-play model. 5 21. Strong capital goods capability is a determinant of productivity and quality across different sectors. Towards building this capacity, I propo...	Understood.
Answer questions based on the Union Budget 2026-27 document.	h -value and technologically-advanced CIE. This can range from lifts in a multi-story apartment, fire -fighting equipment, large and small, to tunnel-boring equipment for building metros and high-altitude roads. (c) I also propose a Scheme for Container Manufacturing to create a globally competitive container ma...	Understood.
Answer questions based on the Union Budget 2026-27 document.	modernise traditional clusters with capital support for machinery, technology upgradation and common testing and certification centres; (c) A National Handloom and Handicraft programme to integrate and strengthen existing schemes and ensure targeted support for weavers and artisans; (d) Tex-Eco Initiative to p...	Understood.
Answer questions based on the Union Budget 2026-27 document.	aunch the Mahatma Gandhi Gram Swaraj initiative to strengthen khadi, handloom and handicrafts. This will help in global market linkage and branding. It will streamline and support training, skilling, quality of process and production. This wi ll benefit our weavers, village industries, One - District – One - Produ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ve 200 legacy industrial clusters to improve their cost competitiveness and efficiency through infrastructure and technology upgradation. Creating “Champion SMEs” and supporting micro enterprises: 27. Recognising MSMEs as a vital engine of growth, I propose a three- pronged approach to help them grow as ‘Champions’...	Understood.
Answer questions based on the Union Budget 2026-27 document.	30. With TReDS, more than ₹7 lakh crore has been made available to MSMEs. To leverage its full potential, I propose 4 measures: (i) mandate TReDS as the transaction settlement platform for all purchases from MSMEs by CPSEs, serving as a benchmark for other corporates; (ii) introduce a credit guarantee support mec...	Understood.
Answer questions based on the Union Budget 2026-27 document.	l Support 31. Government will facilitate Professional Institutions such as ICAI, ICSI, ICMAI to design short -term, modular courses and practical tools to develop a cadre of ‘Corporate Mitras’, especially in Tier -II and Tier -III towns. These accredited para -professionals will help MSMEs meet compliance require...	Understood.
Answer questions based on the Union Budget 2026-27 document.	s on developing infrastructure in cities with over 5 lakh population (Tier II and Tier III), which have expanded to become growth centres. 33. Public capex has increased manifold from ₹2 lakh crore in FY2014-15 to an allocation of ₹11.2 lakh crore in BE 2025-26. In FY2026-27, I propose to increase it to ₹12.2 ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	sset monetisation. I propose to accelerate recycling of significant real estate assets of CPSEs through the setting up of dedicated REITs. 36. To promote environmentally sustainable movement of cargo, I propose to: a) Establish new Dedicated Freight Corridors connecting Dankuni in the East, to Surat in the West; ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ntire stretch of the waterways to train and acquire skills. Further, a ship repair ecosystem catering to inland waterways will also be set up at Varanasi and Patna; c) launch a Coastal Cargo Promotion Scheme for incentivising a modal shift from rail and road, to increase the share of inland waterways and coastal ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	chnologies at scale will achieve higher readiness levels in end -use applications across five industrial sectors, including, power, steel, cement, refineries and chemicals. An outlay of ₹20,000 crore is proposed over the next 5 years. City Economic Regions 39. Cities are India’s engines of growth, innovation, a...	Understood.
Answer questions based on the Union Budget 2026-27 document.	over 5 years is proposed for implementing their plans 9 through a challenge mode with a reform -cum-results based financing mechanism. 40. In order to promote environmentally sustainable passenger systems, we will develop seven High-Speed Rail corridors between cities as ‘growth connectors’, namely i) Mumba...	Understood.
Answer questions based on the Union Budget 2026-27 document.	well - placed to futuristically evaluate the measures needed to continue on the path of reform-led growth of this sector. 42. I propose setting up a “High Level Committee on Banking for Viksit Bharat” , to comprehensively review the sector and align it with India’s next phase of growth, while safeguarding financia...	Understood.
Answer questions based on the Union Budget 2026-27 document.	. I propose a comprehensive review of the Foreign Exchange Management (Non -debt Instruments) Rules to create a more contemporary, user -friendly framework for foreign investments, consistent with India’s evolving economic priorities. Corporate Bond Market 45. I propose to introduce a market making framework wit...	Understood.
Answer questions based on the Union Budget 2026-27 document.	centivises issuances up to ₹200 crore, will also continue to support smaller and medium towns. Ease of Doing Business 47. Individual Persons Resident Outside India (PROI) will be permitted to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme. It is also proposed to in...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ivyangjan to access newer opportunities. The Government has taken several steps to support new technolo gies through AI Mission, National Quantum Mission, Anusandhan National Research Fund, and Research, Development and Innovation Fund. 49. Our second kartavya is to fulfil aspirations and build capacity. Close t...	Understood.
Answer questions based on the Union Budget 2026-27 document.	nterprise’ Standing Committee 51. I propose to set up a High -Powered ‘Education to Employment and Enterprise’ Standing Committee to recommend measures that focus on the Services Sector as a core driver of Viksit Bharat. This will make us a global leader in services, with a 10% global share by 2047. The Committe...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ollowing sectors: Health 53. Existing institutions for Allied Health Professionals (AHPs) will be upgraded and new AHP Institutions established in private and Government sectors. This will cover 10 selected disciplines, including optometry, radiology, anesthesia, OT Technology, Applied Psychology and Behavioural...	Understood.
Answer questions based on the Union Budget 2026-27 document.	regivers will be trained. Hubs for Medical Value Tourism 55. To promote India as a hub for medical tourism services, I propose to launch a Scheme to support States in establishing five Regional Medical Hubs, in partnership with the private sector. These Hubs will serve as integrated healthcare complexes that co...	Understood.
Answer questions based on the Union Budget 2026-27 document.	rld, was given mass global recognition when Hon’ble PM took it to the UN. Post -COVID, Ayurveda gained a similar global acceptance and recognition. 57. Exporting quality Ayurvedic products helps farmers who grow the herbs and the youth who process the products. To meet growing global demand, a few more steps are ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	l medicine. Animal Husbandry 59. Livestock contributes close to 16% of farm income, including of poor and marginal households. To scale up availability of veterinary professionals by more than 20,000, I propose to roll out a loan -linked capital subsidy support scheme for establishment of veterinary and para- v...	Understood.
Answer questions based on the Union Budget 2026-27 document.	Indian Institute of Creative Technologies, Mumbai in setting up AVGC Content Creator La bs in 15,000 secondary schools and 500 colleges. Design 61. The Indian design industry is expanding rapidly and yet there is a shortage of Indian designers. I propose to establish through challenge route, a new National Inst...	Understood.
Answer questions based on the Union Budget 2026-27 document.	residential complexes. 13 63. In Higher Education STEM institutions, prolonged hours of study and laboratory work pose some challenges for girl students. Through VGF/capital support, 1 girls’ hostel will be established in every district. 64. To promote Astrophysics and Astronomy via immersive experiences, 4...	Understood.
Answer questions based on the Union Budget 2026-27 document.	to set up a National Institute of Hospitality by upgrading the existing National Council for Hotel Management and Catering Technology. It will function as a bridge between academia, industry and the Government. 67. I also propose a pilot scheme for upskilling 10,000 guides in 20 iconic tourist sites through a ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	t creators and technology partners. 69. India has the potential and opportunity to offer world -class trekking and hiking experience. We will develop ecologically sustainable (i) Mountain trails in Himachal Pradesh, Uttarakhand and Jammu and Kashmir; Araku Valley in the Eastern Ghats and Podhigai Malai in the West...	Understood.
Answer questions based on the Union Budget 2026-27 document.	l Big Cat Summit, where heads of governments and ministers from 95 range countries will d eliberate on collective strategies for conservation. Heritage and Culture Tourism 71. I propose to develop 15 archeological sites including Lothal, Dholavira, Rakhigarhi, Adichanallur, Sarnath, Hastinapur, and Leh Palace ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	e systematic nurturing of sports talent which is set in motion through the Khelo India programme, I propose to launch a Khelo India Mission to transform the Sports sector over the next decade. 73. The Mission will facilitate: a) An integrated talent development pathway, supported by training centres (foundationa...	Understood.
Answer questions based on the Union Budget 2026-27 document.	a Viksit Bharat. 75. This requires targeted efforts for a) Increasing farmer incomes through productivity enhancement and entrepreneurship, with special 15 attention to small and marginal farmers ; b) Empowering Divyangjan through access to livelihood opportunities, training and high-quality assistive dev...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ain in coastal areas and enable market linkages involving start-ups and women-led groups together with Fish Farmers Producer Organisations. 77. Animal Husbandry: To provide quality employment opportunities in rural and peri -urban areas, we will support the Animal Husbandry Sector in entrepreneurship developmen...	Understood.
Answer questions based on the Union Budget 2026-27 document.	d create new employment opportunities, we will support high value crops such as coconut, sandalwood, cocoa and cashew in our coastal areas. Agar trees in North East and nuts such as, almonds, walnuts and pine nuts in our hilly regions will also be supported. 79. India is the world’s largest producer of coconuts. ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	jor coconut growing States. 80. A dedicated programme is proposed for Indian cashew and cocoa to make India self -reliant in raw cashew and cocoa production and processing, enhance export competitiveness and transform Indian Cashew and Indian Cocoa into premium global brands by 2030. 81. Sandalwood is closely li...	Understood.
Answer questions based on the Union Budget 2026-27 document.	enhance farmer incomes and in bringing value addition by engaging youth. Bharat-VISTAAR (Virtually Integrated System to Access Agricultural Resources) 83. I propose to launch Bharat -VISTAAR—a multilingual AI tool that shall integrate the AgriStack portals and the ICAR package on agricultural practices with AI s...	Understood.
Answer questions based on the Union Budget 2026-27 document.	HE) Marts will be set up as community-owned retail outlets within the cluster level federations through enhanced and innovative financing instruments. 17 Empowering Divyangjan 85. Divyangjan Kaushal Yojana : IT, AVGC sectors, Hospitality and Food and Beverages sectors offer task-oriented and process-driven ro...	Understood.
Answer questions based on the Union Budget 2026-27 document.	of India (ALIMCO) to scale up production of assistive devices, invest in R&D and AI integration, (ii) strengthen PM Divyasha Kendras and support setting up of Assistive Technology Marts as modern retail -style centres where Divyangjans and senior citizens can see, tr y and purchase assistive products. Reaffirmi...	Understood.
Answer questions based on the Union Budget 2026-27 document.	strengthen and increase these capacities by 50% in District Hospitals by establishing Emergency and Trauma Care Centres. Focus on the Purvodaya States and the North-Eastern Region 89. Purvodaya: I propose the development of an integrated East Coast Industrial Corridor with a well -connected node at Durgapur, cr...	Understood.
Answer questions based on the Union Budget 2026-27 document.	and Tripura. The Scheme will cover preservation of temples and monasteries, pilgrimage interpretation centers, connectivity and pilgrim amenities. 16th Finance Commission 91. On 17th November 2025, the 16th Finance Commission submitted its report to the President. As mandated under Article 281 of the Constitutio...	Understood.
Answer questions based on the Union Budget 2026-27 document.	as Finance Commission Grants. These include Rural and Urban Local Body and Disaster Management Grants. Fiscal Consolidation 92. Government has been delivering on our fiscal commitments consistently without compromising on social needs. To strive towards accepted standards of fiscal management, in Budget 2025 -2...	Understood.
Answer questions based on the Union Budget 2026-27 document.	the outgo on interest payments. 94. One of the main operational instruments for debt targeting is the fiscal deficit. I am happy to inform this august House that I have fulfilled my commitment made in FY 2021 -22 to reduce fiscal deficit below 4.5 percent of GDP by 2025 -26. In RE 2025 -26, the fiscal deficit ha...	Understood.
Answer questions based on the Union Budget 2026-27 document.	. The Revised Estimate of the total expenditure is ₹49.6 lakh crore, of which the capital expenditure is about ₹11 lakh crore. Budget Estimates 2026-27 96. Coming to 2026 -27, the non -debt receipts and the total expenditure are estimated as ₹36.5 lakh crore and ₹53.5 lakh crore respectively. The Centre’s net...	Understood.
Answer questions based on the Union Budget 2026-27 document.	er Sir, 98. Now I present my proposals on Direct Taxes. New Income Tax Act 99. In July 2024, I announced a comprehensive review of the Income Tax Act, 1961. This was completed in a record time and the Income Tax Act, 2025 will come into effect from 1st April, 2026. 100. The simplified Income Tax Rules and Form...	Understood.
Answer questions based on the Union Budget 2026-27 document.	account will be done away with. 103. I propose to reduce TCS rate on the sale of overseas tour program package from the current 5 percent and 20 percent to 2 percent without any stipulation of amount. 104. I propose to reduce TCS rate for pursuing education and for medical purposes under the Liberalized Remittan...	Understood.
Answer questions based on the Union Budget 2026-27 document.	will enable obtaining a lower or nil deduction certificate instead of filing an application with the assessing officer. 21 107. For the ease of taxpayers holding securities in multiple companies, I propose to enable depositories to accept Form 15G or Form 15H from the investor and provide it directly to var...	Understood.
Answer questions based on the Union Budget 2026-27 document.	allowed timetill 31st August. 110. TDS on the sale of immovable property by a non-resident is proposed to be deducted and deposited through resident buyer’s PAN based challan instead of requiring TAN. 111. To address practical issues of small taxpayers like students, young professionals, tech employees, relocated...	Understood.
Answer questions based on the Union Budget 2026-27 document.	t could not declare the asset acquired. For category (A), the limit of undisclosed income/asset is proposed to be up to 1 crore rupees. They need to pay 30 percent of Fair Market Value of asset or 30 percent of undisclosed income as tax and 30 percent as additional income tax in lieu of penalty and would thereby...	Understood.
Answer questions based on the Union Budget 2026-27 document.	& penalty proceedings by way of a common order for both. There will be no interest liability on the taxpayer on the penalty amount for the period of appeal before the first appellate authority irrespective of the outcome of appeal proc ess. Further, quantum of pre -payment is being reduced from 20 percent to 10 p...	Understood.
Answer questions based on the Union Budget 2026-27 document.	updat ed return in his proceedings. 115. There is already a framework for immunity from penalty and prosecution in the cases of underreporting. I propose to apply this framework of immunity to misreporting too. However, in such a case the taxpayer will need to pay 100 percent of the tax amount as an additional in...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ntaining a careful balance for deterrence in some serious offences. 118. Non-production of books of account and documents, and requirement of TDS payment, where payment is made in kind, are being decriminalised. Further, minor offences will attract fine only. 119. The remaining prosecutions will be graded commen...	Understood.
Answer questions based on the Union Budget 2026-27 document.	prosecution with retrospective effect from 1.10.2024. Cooperatives 121. Deduction is already allowed to a primary cooperative society engaged in supplying milk, oilseeds, fruits or vegetables raised or grown by its members. I propose to extend this deduction to also include supply of cattle feed and cotton seed pr...	Understood.
Answer questions based on the Union Budget 2026-27 document.	o 31.1.2026. This exemption would be allowed only for dividends further distributed to its member co-operatives. Supporting IT sector as India’s growth engine 124. India is a global leader in software development services, IT enabled services, knowledge process outsourcing services and contract R&D services relat...	Understood.
Answer questions based on the Union Budget 2026-27 document.	m 300 crore rupees to 2,000 crore rupees. 127. Safe harbour for IT services shall be approved by an automated rule-driven process without any need for tax officer to examine and accept the application. Once applied by an IT Services company, the same safe harbour can be continued for a period of 5 years at a stret...	Understood.
Answer questions based on the Union Budget 2026-27 document.	returns available to the entity entering APA to its associated entities also. Attracting global business and investment 130. Recognising the need to enable critical infrastructure and boost investment in data centres, I propose to provide tax holiday till 2047 to any foreign company that provides cloud services t...	Understood.
Answer questions based on the Union Budget 2026-27 document.	r electronic manufacturing, I propose to provide safe harbour to non -residents for component warehousing in a bonded warehouse at a profit margin of 2 percent of the invoice value. The resultant tax of about 0.7 percent will be much lower than in competing jurisdictions. 133. To provide fillip to toll manufacturi...	Understood.
Answer questions based on the Union Budget 2026-27 document.	for a stay period of 5 years under notified schemes. 135. I propose to provide exemption from Minimum Alternate Tax (MAT) to all non-residents who pay tax on presumptive basis. 25 Tax administration 136. I propose to constitute a Joint Committee of Ministry of Corporate Affairs and Central Board of Direct ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	definition of accountant for the purposes of Safe Harbour Rules. Other Tax proposals 138. Change in taxation of buyback was brought in to address the improper use of buyback route by promoters. In the interest of minority shareholders, I propose to tax buyback for all types of shareholders as Capital Gains. Howe...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ill be reduced from 5 percent to 2 percent. 140. I propose to raise the STT on Futures to 0.05 percent from present 0.02 percent. STT on options premium and exercise of options are both proposed to be raised to 0.15 percent from the present rate of 0.1 percent and 0.125 percent respectively. 141. We reformed the ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ailable MAT credit is proposed to be allowed to an extent of 1/4 th of the tax liability in the new regime. 26 143. MAT is proposed to be made final tax. So, there will be no further credit accumulation from 1 st April 2026. In line with this change, the rate of final tax is being reduced to 14 percent from...	Understood.
Answer questions based on the Union Budget 2026-27 document.	turing, promote export competitiveness, and correct inversion in duty. Review of exemptions and tariff simplification 145. To continue weeding out long continuing customs duty exemptions, I propose to remove certain exemptions on items which are being manufactured in India or where the imports are negligible. ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	for duty -free imports of specified inputs used for processing seafood products for export, from the current 1 per cent to 3 per cent of the FOB value of the previous year’s export turnover. 148. I also propose to allow duty -free imports of specified inputs, which is currently available for exports of leather or...	Understood.
Answer questions based on the Union Budget 2026-27 document.	o capital goods used for manufacturing Lithium -Ion Cells for batteries, to those used for manufacturing Lithium -Ion Cells for battery energy storage systems too. 151. I propose to exempt basic customs duty on import of sodium antimonate for use in manufacture of solar glass. Nuclear Power 152. I propose to e x...	Understood.
Answer questions based on the Union Budget 2026-27 document.	CNG 154. I propose to exclude the entire value of biogas while calculating the Central Excise duty payable on biogas blended CNG. Civil and Defence Aviation 155. I propose to exempt basic customs duty on components and parts required for the manufacture of civilian, training and other aircrafts. 156. It is pr...	Understood.
Answer questions based on the Union Budget 2026-27 document.	vens. Special Economic Zone 158. To address the concerns arising about utilization of capacities by manufacturing units in the Special Economic Zones due to global trade disruptions, I propose, as a special one -time measure, to facilitate sales by eligible manufacturing units in SEZs to the Domestic Tariff Area...	Understood.
Answer questions based on the Union Budget 2026-27 document.	se, I propose to reduce the tariff rate on all dutiable goods imported for personal use from 20 per cent to 10 per cent. 160. To provide relief to patients, particularly those suffering from cancer, I propose to exempt basic customs duty on 17 drugs or medicines. 161. I also propose to ⁠add 7 more rare diseases f...	Understood.
Answer questions based on the Union Budget 2026-27 document.	e minimal intervention for smoother and faster movement of goods and greater certainty to the trade. 29 Trust-based systems 163. I propose to enhance duty deferral period for Tier 2 and Tier 3 Authorised Economic Operators, known as AEOs, from 15 days to 30 days. 164. I propose to provide eligible manufa...	Understood.
Answer questions based on the Union Budget 2026-27 document.	nment approach, Government agencies will be encouraged to leverage AEO accreditation for preferential treatment in clearing their cargo. 167. Regular importers with trusted longstanding supply chains will be recognized in the risk system, so that the need for verification of their cargo every time can be minimized...	Understood.
Answer questions based on the Union Budget 2026-27 document.	169. The Customs warehousing framework will be transformed into a warehouse operator -centric system with self -declarations, electronic tracking and risk -based audit. These reforms will move away from the current system of officer -dependent approvals, and reduce transaction delays and compliance costs. ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ionalised on this system by April 2026 itself. 171. For goods not having any compliance requirement, clearance will be done by Customs immediately after online registration is completed by the importer, subject to the payment of duty. 172. Customs Integrated System (CIS) will be rolled out in 2 years as a singl...	Understood.
Answer questions based on the Union Budget 2026-27 document.	of marine resources beyond our territorial waters, the following measures will be taken. a. Fish catch by an Indian fishing vessel in Exclusive Economic Zone (EEZ) or on the High Seas will be made free of duty. b. Landing of such fish on foreign port will be treated as export of goods. Safeguards will be put i...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ments will be improved with effective use of technology for identifying such consignments. Ease of Living 176. I propose to revise provisions governing baggage clearance during international travel to address genuine concerns of passengers. The revised rules will enhance duty -free allowances in line with the pres...	Understood.
Answer questions based on the Union Budget 2026-27 document.	Sir, with this, I commend the Budget to this august House. Jai Hind! 32 Annexure to Part A Indicative Terms of Reference of the High -Level Education-to-Employment and Enterprise Standing Committee i. identify services sub-sectors with potential for growth, employment and exports , identify sector -s...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ulum from school level onwards and upgrading State Councils of Educational Research and Training institutes for teacher training; vi. propose measures for upskilling and re -skilling of technology professionals/engineers in AI and emerging technologies; and vii. Propose measures for AI enabled matching of worde...	Understood.
Answer questions based on the Union Budget 2026-27 document.	on of interest on compensation amount awarded by Motor Accident Claims Tribunal (MACT)  In order to alleviate the sufferings of victims of motor vehicle accident and their family, it is proposed that any interest awarded on compensation amount in the case of individual awarded by MACT shall be exempt.  It is a...	Understood.
Answer questions based on the Union Budget 2026-27 document.	025 so as to provide that tax on such supply of manpower shall be deducted at source as “payment to contractors” under the provisions of section 393(1) [Table: Sl. No. 6(i) and (ii)] and not under the provisions of “fee for professional services” under section 393(1) [Table: Sl. No. (iii)]. (iii) Enabling electr...	Understood.
Answer questions based on the Union Budget 2026-27 document.	(iv) Enabling filing of declaration for no deduction of tax at source under section 393(6) of the Income-tax Act, 2025 to the depository  It is proposed to allow filing of the declaration by a taxpayer for no deduction of tax at source, to a depository, where income is of 34 the nature: (i) income from uni...	Understood.
Answer questions based on the Union Budget 2026-27 document.	l furnish the declaration received by it from the taxpayer to the Department on quarterly basis rather on monthly basis as at present. (v) Extending time to file revised return or belated return.  Presently revised return can be filed upto 31st December following the tax year. Return filing period extends upto O...	Understood.
Answer questions based on the Union Budget 2026-27 document.	made after 31 st December depending upon whether the income is upto or more than Rs. 5 lakh. (vi) Change in due date of filing Income -tax Return for non -auditable business and trusts  It is proposed to provide staggered time line for filing of tax returns due on the 31 st of July. Individuals filing ITR 1 and...	Understood.
Answer questions based on the Union Budget 2026-27 document.	number (TAN) to deduct tax at source in respect of any 35 consideration on transfer of any immovable property by non - resident under section 393(2) [Table Sl. No. 17]. Instead, the deduction shall be reported by quoting the PAN in same manner as transaction of similar nature between two residents. (viii) Ra...	Understood.
Answer questions based on the Union Budget 2026-27 document.	any provident fun d or superannuation fund or any fund set up under the provisions of the Employees’ State Insurance Act, on or before the due date of filing of his return of income under section 263(1) of the Act. (ix) Rationalising the provision related to computation of profits and gains of an insurance busin...	Understood.
Answer questions based on the Union Budget 2026-27 document.	the Act. (x) Introduction of Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST – DS), 2026  It is proposed to introduce a time -bound scheme for declaration of foreign assets and foreign sourced income for taxpayers involving amounts below certain threshold. 2. RATIONALISING PENALTY AND PROSECUTION (i...	Understood.
Answer questions based on the Union Budget 2026-27 document.	isputes, it is proposed to integrate assessment & penalty proceedings by way of a common order after providing reasonable opportunity to the taxpayer to explain the issue.  To provide relief to taxpayers on account of increase in quantum of demand which may arise as a result, it is proposed that the interest on p...	Understood.
Answer questions based on the Union Budget 2026-27 document.	derreporting of income in consequence of misreporting of income (ii) underreporting in consequence of misreporting of income on account of giving wrong or faulty information or misrepresenting the type of income where the penalty is 200% on tax amount. There is already a framework for immunity from penalty an...	Understood.
Answer questions based on the Union Budget 2026-27 document.	s immunity shall not be granted where prosecution is initiated as per provision of chapter-XXII of the Act. (iii) Conversion of penalty to fee  It is proposed to convert (i) penalty for failure to get accounts audited, (ii) penalty for non-furnishing of TP report and 37 (iii) penalty for default in fu...	Understood.
Answer questions based on the Union Budget 2026-27 document.	iminalised.  It is further proposed that all prosecutions shall be rationalised to simple imprisonment instead of rigorous imprisonment.  Maximum punishment for any offence (except for repeated offence) is proposed to be reduced to 2 years instead of 7 years.  In cases where presently the maximum punishment ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	nment has been done away with apart from relaxing the requirement of mandatory fine to optional.  It is further proposed, for minor offence, only fine shall be provided as a punishment. (v) Rationalising the tax rate for special income charged under section 195 of the Act  Presently there is special tax rate ...	Understood.
Answer questions based on the Union Budget 2026-27 document.	axation of search assessment in case of person other than the searched person in certain situation  Provisions for assessment in search cases was introduced by Finance (No. 2) Act, 2024. In the new scheme, where incriminating material pertaining to other person, relates only to a single tax year, the other perso...	Understood.
Answer questions based on the Union Budget 2026-27 document.	ly proposed to be amended in such cases. (vii) Time limit to complete search assessment  It is also proposed to amend section 296 of the Income-tax Act, 2025 so as to take the date of initiation of search as the reference point to decide the date of limitation for block assessment and consequently, the period of...	Understood.
Answer questions based on the Union Budget 2026-27 document.	he fourth year after the relevant tax year when the return of income required to be filed for the first time. To provide additional measure for reducing litigation, it is proposed to allow the taxpayer to update the return even after reassessment proceedings have been initiated. The updat ion is proposed to be en...	Understood.
Answer questions based on the Union Budget 2026-27 document.	not be leviable on such additional income. (ix) Immunity from prosecution under the Black Money Act  Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, there is no penalty for non - disclosure of non -immovable assets with aggregate value less than twenty lakh rupees....	Understood.
Answer questions based on the Union Budget 2026-27 document.	shing of statement or for furnishing inaccurate information in respect of crypto assets in such statement, it is proposed to introduce penalty provision. Penalty of Rs. 200 per day for non-furnishing of statement and Rs. 50,000 for furnishing inaccurate particulars and failure to correct such inaccuracy is propose...	Understood.
Answer questions based on the Union Budget 2026-27 document.	y and others engaged in the same activities. It is p roposed to extend this deduction to a primary co -operative engaged in supplying of cattle feed and cotton seed to, inter alia, a federal co-operative or government organizations. 40 (ii) Deduction of inter -cooperative society dividend income under the new...	Understood.
Answer questions based on the Union Budget 2026-27 document.	-cooperative society dividend income as deduction under the new tax regime to the extent it is further distributed to the members. (iii) Deduction of dividend income received by a notified national co - operative federation in the new tax regime.  It is proposed to allow exemption to dividend income received by a...	Understood.

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