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Introduction: Budget 2026 at a Crucial Economic Juncture The Union Budget 2026, to be presented by Finance Minister Nirmala Sitharaman on 1 February 2026 , comes at a defining moment for India’s macroeconomic and fiscal trajectory. Just two days ahead of the Budget speech, industry stakeholders, economists, and policymakers are closely watching government signals on growth, inflation management, fiscal consolidation, and sectoral allocations. This will be Nirmala Sitharaman’s ninth consecutive Budget , marking a rare continuity in fiscal leadership. Notably, this is also the first time in over a decade that the Union Budget will be presented on a Sunday , underscoring its exceptional political and economic significance. Constitutional Basis of the Union Budget Article 112 of the Constitution of India The Union Budget is constitutionally referred to as the “Annual Financial Statement” under Article 112 . It mandates the government to present estimated receipts and expenditures of the ...

The Union Government is set to introduce a new cess regime targeting sin goods, beginning with pan masala and eventually extending to cigarettes and other tobacco-based products. As Parliament’s Winter Session begins, this marks one of the most significant fiscal policy developments replacing the GST Compensation Cess framework. Introduction of the Health Security se National Security Cess Bill Union Finance Minister Nirmala Sitharaman will introduce the Health Security se National Security Cess Bill, 2025 in the Lok Sabha. The objective of the legislation is two-fold: To mobilize funds for national security expenditure , and To strengthen public health financing . The bill empowers the central government to impose a cess on pan masala and any other items it notifies under public interest. Once passed, the cess will come into effect from the date it is notified in the Official Gazette. Scope of Goods Covered Under the New Cess While the bill is expected to begin with p...

The recent delay in income tax refunds for FY 2024–25 has caused uncertainty among taxpayers across India. While many expected quicker processing after filing their Income Tax Returns (ITRs) by the extended deadline of September 16, several refunds are still pending. On Monday, the Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal , provided clarity on the reasons behind these delays and the steps being taken by the department. Current Status of ITR Refunds: What the CBDT Chairman Said According to the CBDT Chairman, low-value refunds have already begun to be released , and the remaining refunds are expected to be processed by end of November or December 2024 . He clarified that the delay is largely due to the tax department identifying cases where wrongful deductions were claimed , necessitating verification before the refunds could be released. Wrongful Deduction Claims: Core Reason Behind Delays The department has detected many returns where taxpayers claimed: H...