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Introduction: Budget 2026 and the Stability Signal The Union Budget 2026–27, presented by Finance Minister Nirmala Sitharaman—her ninth consecutive Budget —has sent a clear policy message: tax stability over populism . While expectations of slab rationalisation ran high, the government chose continuity, announcing no change in income tax slabs , while confirming that the New Income Tax Act, 2025 will come into force from 1 April 2026 , replacing the six-decade-old Income Tax Act, 1961. This Budget marks a significant moment in India’s fiscal evolution, prioritising simplification, procedural reform, and targeted relief , rather than rate cuts. Constitutional Framework Governing Taxation Article 265: No Tax Without Authority of Law Article 265 of the Constitution mandates that “no tax shall be levied or collected except by authority of law.” The proposed implementation of the New Income Tax Act, 2025 directly flows from this constitutional requirement, reaffirming Parliament’s exclus...

India’s Economic Growth Surges in Q4 FY25 India’s economy continues to assert its strength on the global stage. The latest GDP numbers indicate that the Indian economy grew by 7.4% in Q4 of FY25 , a sharp increase from the 6.2% growth in Q3 , and higher than the Reserve Bank of India’s (RBI) projection of 7.2% for the same period. For the full fiscal year 2024-25 (FY25), India’s economy registered a 6.5% growth , in line with estimates and maintaining its position as the world’s fastest-growing major economy . Key Drivers of Growth: Domestic Consumption & Government Investment Economists attribute this robust growth to strong domestic consumption , sustained government capital investment , and a relatively low dependence on exports . According to Manoranjan Sharma , Chief Economist at Infomerics Valuation and Rating, this growth reinforces India’s economic resilience and its consistent lead among global peers. Rural Recovery and Sectoral Expansion Anshuman Magazine , Chairman a...