Union Budget for FY 2026- 27 was declared yesterday!
Like every year many speculations and predictions were made before it was presented by our Finance Minister.
In reality, budget sounds more future friendly with acknowledging present needs, patterns and requirements in all fields’ right from creative fields to Defence sector!
Many of us look at budget like a roadmap for our own personal finance but they specifically give emphasis on Taxation aspects only!
But, budget is beyond taxation.
Here are my five important takeaways from budget!
- Direct tax related provisions
While keeping all the tax slabs and rates as the same in both the regimes, Finance minister made it clear that, from 1
st April 2026 , The New Income Tax Act 2025 will come into force! It will come up with reorganized provisions for across income groups and professions.
For ‘original income tax returns filing’ under ITR 1 & ITR 2, due dates remain the same as 31
st July.
For non audit business tax payers and trusts, the original ITR filing due date is revised as 31
st August.
New due date for ‘Revised income tax filing’ is set as 31
st March allowing for a nominal fee.
With this provision we can expect new effective provisions for our present financial wellbeing which can see taxation system more easy and approachable.
- Future friendly provisions in the areas like Artificial Intelligence, Creative economy etc
In Budget 2026, provision of RS 1000 Cr has been made for
‘India AI mission’ to set up ecosystem for Artificial Intelligence. This gives clarity that our country has acknowledged the importance of AI and is shifting from Using AI to building AI infrastructure. The government is pushing for promoting AI adoption for governance, agriculture, education etc.
The finance minister highlighted the need for AI data enters, AI compute clusters and cloud platforms.
Along with AI, this budget also provides for ‘
Creative economy’ where Young India is currently exploring and leading.
Gaming, Visual effects, Animations, Design, Music, Content creation etc are in focus here.
This budget sees increased employment opportunities and demand in such sectors.
With Animation, Visual Effects, Gaming and Comics i.e. AVGC in consideration, this budget provides for
AVGC labs in around 15000 schools and 500 colleges through Indian Institute of creative technologies, Mumbai.
With this, these skills will come in mainstream education and careers early as possible.
This budget also proposes to set up new
National Institute of Design in the eastern region of India.
Along with the above, this budget
focuses on mental wellbeing also! For this, budget proposes setting up NIMHANS 2.0 in north India, empowering and upgrading psychological institutions at Ranchi and Tezpur .
This will help to address growing concerns around our mental well- being, issues like depression, stress, anxiety that come along in this competitive world.
Our financial wellbeing enhances mental well- being. This budget recognizes this!
All the Above provision look for better opportunities and careers for millennial and Gen Zs. This can help us navigate in our own careers and choose a future proof path to lead the way!
- Reduced tariff on dutiable imported goods for personal use:
Tariff on imported personal goods has been reduced from 20% to 10%. This recognizes the change in spending patterns and consumer behavior.
This reduction makes such expensive personal goods cost friendly. These goods include mobile phones, gadgets, and branded apparels etc. that are purchased from international brands.
With this provision, it is clear that we now consume different personal goods for own use and to feel good about it. They come with high cost but this reduced tariff should make us more thoughtful on such purchases keeping a focus on our priority goals.
- Immovable Property transactions by NRIs simplified:
If a resident Indian, individual or HUF is buying immovable property from NRI, then the buyer is no longer required to obtain TAN i.e. Tax deduction and collection account number to carry out TDS.
This budget makes a provision that a buyer can use own PAN to carry out TDS.
This reduces compliance hassle and will make transaction smooth.
- Increased rate for STT on Futures and Options:
For those who are trading in derivatives will now have to pay increased ‘Security transaction tax for Futures and options.
For futures, it is now increased to 0.05% from current 0.02% .
For options premiums, it is increased to 0.15% from present 0.10%.
For exercise of options, it is increased to 0.15% from present 0.125%.
STT is a transaction based tax which is levied on purchase and sale of specified securities traded on recognized stock exchanges. It is charged at the time of executing the transaction.
With this increase, those who trade in derivatives extensively need to be thoughtful. This increase indirectly looks for reduced speculation activities carried out by immature investors, reduced systematic risk associated with it.
Budget gives a road map to our economy! For our own personal finance, our own budget and provisions lead the way!
