The Finance Bill 2026 was passed by the Lok Sabha on March 25, 2026, via voice vote. The bill incorporates 32 government amendments and marks a critical step toward finalizing the ₹53.47 lakh crore Union Budget for the 2026–27 financial year..
The bill moves to the Rajya Sabha for consideration, likely on Friday, March 27, 2026, Most provisions, including the new Income Tax Rules 2026, are set to come into force on April 1, 2026..
Major Amendments and Tax Changes
- A flat 12% surcharge on capital gains from buybacks for all shareholders was introduced to align buybacks with the capital gains regime.
- Authorities have been granted expanded powers to reopen and reassess cases previously quashed on technical grounds, with some changes having retrospective effect from April 1, 2021.
- The turnover limit for startups to qualify for a tax holiday was increased from ₹100 crore to ₹300 crore known as Startup tax holidays
- Overseas Remittances (LRS) like The TCS rate for overseas education, medical purposes and tour packages has been reduced to 2%.
- Basic customs duty is now exempted on 17 critical cancer drugs which included under Life saving Drugs ..
- Penalties for minor procedural lapses, such as audit delays, are replaced by fixed fees to reduce litigation , it is major MSME Relief ..
Financial Targets for FY 2026–27
Total Expenditure Projected at ₹53.47 lakh crore which is a 7.7% increase , Capital Expenditure Pegged at ₹12.2 lakh crore to drive infrastructure growth ,Fiscal Deficit Targeted at 4.3% of GDP, down from 4.4% in the previous year and Gross Tax Revenue Estimated at ₹44.04 lakh crore…
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