* No change in Income Tax rates
* Securities Transaction Tax (STT) raised on futures and options (F&O) to 0.05 pc and 0.15 pc
* TCS on sale of overseas tour packages slashed to 2 pc
* TCS on overseas education, medical expenses under LRS (Liberalised Remittance Scheme) cut to 2 pc
* New Income Tax Act, 2025, to be implemented from April 1; rules, forms to come soon
* ITR filing date for non-audit businesses extended by a month till August 31
* Share buyback for all types of shareholders to be taxed as capital gains. However, promoters will pay an additional buyback tax.
* Tax holiday up to 2047 for any foreign company for providing services globally from data centres in India
* Introduction of a one-time 6-month foreign asset disclosure scheme below a certain size for small taxpayers
* Immunity from prosecution with retrospective effect from October 1, 2024, for non-disclosure of non-immovable foreign assets with aggregate value less than Rs 20 lakh
* Fiscal deficit pegged at 4.3 pc of GDP in FY27, lower than 4.4 per cent in FY26
* Debt-to-GDP to be cut to 55.6 pc from 56.1 pc in the current fiscal year
BUDGET-HIGHLIGHTS
* Total Budget size at Rs 53.5 lakh crore
* Govt capital expenditure hiked to Rs 12.2 lakh crore from Rs 11.11 lakh crore in FY26
* Rs 1.4 lakh crore to be devolved to states as tax share.
* Net tax receipts estimated at Rs 28.7 lakh crore
* Gross market borrowings estimated at Rs 17.2 lakh crore
* Budget focuses on 3 Kartavyas — accelerating growth, fulfilling aspirations, and Sabka Sath, Sabka Vikas
* Reform express on track, over 350 reforms rolled out
* Proposes Rs 10,000 crore SME Growth fund to create future champions
* Trust-based systems for Customs, advance ruling validity period extended to 5 years
* High-level committee to increase the services sector contribution to 10 pc by 2047.
* Minimum Alternate Tax (MAT) is proposed to be made the final tax
* Customs Integrated System (CIS) to be rolled out in 2 years
* Exempts basic customs duty on 17 drugs for cancer patients
* Single and interconnected digital window for cargo clearance approvals
* Single-system clearance for food, drugs, plant, animal, and wildlife products covering 70 pc of interdicted cargo to go live by April 2026
* Tariff rate on all dutiable goods imported for personal use to be reduced from 20 pc to 10 pc
* Basic customs duty exemption on components and parts used in manufacturing civilian, training, and other aircraft.
* Duty-free personal import of drugs and food for 7 more rare diseases.
* Five tourism destinations to be created across the five Purvodaya states.
* 15 archaeological sites, including Lothal, Dholavira, Rakhigarhi, Adichanallur, Sarnath, Hastinapur, and Leh Palace, to be developed as vibrant, experiential cultural destinations.
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