February Bank Holidays
February 2026 will have a number of bank holidays that would need to be considered when planning financial transactions or other banking-related activities.
Specific dates of holidays are critical for managing schedules and ensuring that banking tasks are not disrupted. It’s important for citizens to be aware of the specific dates and their implications on day-to-day financial operations. Keep these dates in mind to ensure a smooth flow of all financial transactions.
Budget 2026 Overview
The Union Budget 2026 delivered many key announcements, impacting areas such as infrastructure, healthcare, and taxation. The budget included a significant increase in the defense budget, which jumped to Rs 7.85 lakh crore, with Rs 2.19 lakh crore allocated for modernization. There was also a notable rise in the space budget for 2026-27, with increased capital outlay for new missions and expanded industry roles. In the healthcare sector, the government waived customs duty on drugs for cancer and rare diseases. Additionally, the budget focused on easing compliance for NRIs concerning property and investments. Overall, the budget aimed at driving economic growth and supporting key sectors.
Key Budget Highlights
A closer look at the Union Budget 2026 reveals numerous important announcements. Infrastructure development received a significant push, with the announcement of seven high-speed rail corridors, including Mumbai-Pune and Hyderabad-Bengaluru. The government focused on semiconductors by launching 'India Semiconductor Mission 2.0,' and raised the outlay for electronics components to Rs 40,000 crore. Other notable aspects include increased allocations for the Jal Jeevan Mission, reaching Rs 67,670 crore and an allocation of Rs 95,692.31 crore for VB-G RAM G. Furthermore, changes to income tax slabs were introduced, offering insights into the new and old tax regimes for the fiscal year 2026-27.
Income Tax Changes
The Union Budget 2026 brought changes to the income tax regime, affecting individual taxpayers. The latest income tax slabs and rates for FY 2026-27 were announced, with specific details available under both the new and old tax regimes. These changes are crucial for individuals to understand how their tax liabilities would be calculated. The Section 87A rebate limit was also discussed under the new income tax regime, influencing the tax benefits available to eligible taxpayers. Taxpayers are advised to review the details to optimize their tax planning and ensure compliance.
Sector-Specific Impacts
Several sectors witnessed focused attention in the Union Budget 2026. The IT services sector was brought under a single category, which could have significant implications for IT companies. The budget also highlighted specific areas like defense, space, and infrastructure. The government also eased compliance for NRIs concerning property and investments. From a fiscal standpoint, the budget's decisions and allocations reflected the government's priorities for economic growth and sectoral development, and these announcements are expected to shape the economic landscape in the coming year.
