Tax Slabs Revealed
The Union Budget 2026 included information on the latest income tax slabs applicable for the financial year 2026-27. This information provides taxpayers
with an understanding of the tax rates under both the new and old tax regimes. Details included updated tax slabs, and rates. Understanding these slabs is crucial for individuals to plan their finances and determine their tax liabilities. The new tax regime, introduced by the government, often comes with several FAQs, such as questions on eligibility, how to calculate tax liabilities, and the benefits of each regime. By studying the detailed breakdowns and comparing the two regimes, individuals can determine which option benefits them the most. Therefore, the Budget provides valuable insight into the financial planning aspects for the coming year.
Defense Budget Boost
A significant announcement in the Union Budget 2026 was the substantial rise in the defense budget, reaching Rs 7.85 lakh crore. Within this, a considerable amount, Rs 2.19 lakh crore, was dedicated to modernisation efforts. This considerable investment reflects the government's commitment to bolstering the nation's defense capabilities and ensuring that the armed forces are equipped with the latest technology and resources. Such a large allocation suggests the importance placed on national security and preparedness amid global uncertainties. The increase is planned to cover advancements in military equipment, infrastructure, and operational readiness, highlighting a proactive stance in safeguarding national interests.
Semiconductor Mission 2.0
Finance Minister Nirmala Sitharaman launched the 'India Semiconductor Mission 2.0' during the Union Budget 2026. This initiative is aimed at promoting the growth of the semiconductor industry within India. The mission's goals include attracting investments, encouraging technological advancements, and creating a supportive ecosystem for semiconductor manufacturing and design. The plan covers many things such as funding, research and development grants, and streamlined regulatory processes. The semiconductor industry is critical to the technological and economic development of India, and this mission highlights the government's forward-looking approach to fostering indigenous capabilities and reducing reliance on imports.
Healthcare Sector Updates
The Union Budget 2026 also included important news for the healthcare sector, particularly concerning the waiver of customs duty on medications used for cancer and rare diseases. This move is expected to make these essential medicines more affordable and accessible to patients. This change shows the government's dedication to improving healthcare access for those affected by severe and rare health conditions. By removing import duties, the government aims to reduce the financial burden on patients and families, supporting better health outcomes and making important treatments more readily available. This measure aligns with broader efforts to improve India's healthcare infrastructure and services.
