New Delhi: Finance Minister Nirmala Sitharaman on Sunday, February 1, proposed to increase time limit for filing revised I-T return from December 31 to March 31, on payment of nominal fee.
The minister also proposed to implement Income Tax Act, 2025, from April 1.
On the capex, she said that the target will be raised to Rs 12.2 lakh crore for FY27 from Rs 11.2 lakh crore earmarked for the current fiscal year and announced a slew of measures to boost infrastructure in the country.
Live updates:
12:32 pm: Govt to revise provisions related to baggage clearance during international travel to address genuine concerns of passengers.
12:31 pm: Govt to exempt duty on fish catch by Indian fishing vessels in exclusive economic zones or high seas.
12:20 pm: Budget proposes to exclude entire value of biogas while calculating excise duty payable on blended CNG: FM Sitharaman.
12:20 pm: Govt will create five tourism destinations in 5 Purvodaya states and will make provisions for 4,000 e-buses: FM.
12:19 pm: FM extends exemption on capital goods used for manufacturing lithium ion cells for battery storage.
12:18 pm: Budget proposes to remove exemptions on customs duties on items manufactured in India or have negligible import.
12:17 pm: Govt will develop an integrated East Coast Industrial Corridor with well-connected node at Durgapur: FM.
12:17 pm: Budget proposes to raise Securities Transaction Tax to 0.05 pc on commodity futures from 0.02 pc: FM Sitharaman.
12:15 pm: Tax Collected at Source rate on liquor, scrap and mineral rationalised to 2 per cent: Sitharaman.
12:15 pm: Govt to tax buyback proceeds for all types of shareholders as capital gains: FM Sitharaman.
12:14 pm: FM proposes to exempt Minimum Alternate Tax for non-residents who pay tax on presumptive basis.
12:14 pm: Budget proposes to rationalise definition of accountants for safe harbour rules to promote home-grown accounting firms: Sitharaman.
12:12 pm: FM proposes to exempt Minimum Alternate Tax for non-residents who pay tax on presumptive basis.
12:12 pm: Budget proposes tax holiday till 2047 to foreign companies that provide cloud services to customers globally by using data centres in India.
12:11 pm: In Odisha, Karnataka, and Kerala, key turtle nesting sites along with turtle trails will be developed, says FM Sitharaman.
12:11 pm: Govt extends deduction for cooperative members who supply cotton seeds and cattle feed.
12:10 pm: FM says NIMHANS-2 (National Institute of Mental Health and Neurosciences) will be set up.
12:10 pm: Govt to develop ecologically sustainable mountain trails in HP, Uttarakhand, J&K, Araku Valley of Eastern Ghats and Western Ghats, says FM.
12:09 pm: FM proposes exemptions of 3 years for dividend income received by notified cooperatives on investments made up to January 31, 2026:
12:09 pm: 50 per cent capacity will be increased in district hospitals by establishing emergency and trauma care centres.
12:07 pm: No interest liability on taxpayer on penalty amount for period of appeal before 1st appellate authority, irrespective of outcome
12:05 pm: FM proposes a six-month foreign asset disclosure scheme for small taxpayers like students, tech professionals and relocated NRIs.
12:05 pm: Govt proposes reduction in TCS rate for pursuing education and medical education under liberalised remittance scheme from 5 pc to 2 pc.
12:04 pm: Tax Collected at Source (TCS) rate on sale of overseas tour packages cut to 2 pc from 5 pc and 20 pc earlier: FM.
12:03 pm: FM proposes to increase time limit for filing revised I-T return from December 31 to March 31, on payment of nominal fee.
12:00 noon: Income Tax Act, 2025, to be implemented from April 1; rules and tax returns forms to be notified shortly: Sitharaman.
11:59 am: Net tax receipts estimated at Rs 28.7 lakh crore, Budget size at Rs 53.5 lakh crore. Sitharaman.
11:59 am: Govt provides Rs 1.4 lakh crore as tax devolution to states in FY27: FM.
11:58 am: Fiscal deficit pegged at 4.3 pc of GDP in FY’27, lower than 4.4 pc in FY’26: Sitharaman.
11:57 am: Govt proposes to lower debt-to-GDP ratio to 55.6 pc per cent in FY27, from 56.1 pc in current fiscal: Sitharaman.
11:55 am: FM allocates Rs 5,000 crore for CITY Economic Regions (CERs) over 5 years.
11:55 am: Govt has accepted the recommendations of 16th Finance Commission, retaining 41 pc tax devolution formula: Sitharaman.
11:52 am: FM proposes setting up of ‘She Marts’ as community-owned retail outlets.
11:52 am: FM proposes to launch Bharat Vistar, a multilingual AI tool to integrate agri stack.
11:50 am: Govt will create a network of over 1,000 accredited Indian Clinical Trial sites: FM.
11:50 am: Centre to partner with states to restore glory of sandal wood ecosystem: Sitharaman.
11:49 am: Govt proposes coconut promotion scheme to increase production, productivity.
11:46 am: FM proposes to develop 15 archeological sites, including Lothal and Hastinapur.
11:45 am: Khelo India Mission to transform sports sector over next decade: Sitharaman.
11:43 am: Govt to launch pilot scheme to upgrade skills of 10,000 guides at 20 iconic tourist sites: FM Sitharaman.
11:42 am: Budget proposes to upgrade WHO Global Traditional Medicine Centre at Jamnagar, Gujarat.
11:42 am: Govt to set up one girls’ hostel in every district of country: FM Sitharaman.
11:41 am: FM proposes upgradation of Ayush pharmacies and drug testing labs, WHO Traditional Medicine Centre at Jamanagar.
11:41 am: Centre to support 5 university townships in vicinity of major industrial logistics centres: Sitharaman.
11:40 am: FM proposes loan-linked capital subsidy support scheme for veterinary collages, hospitals, diagnostics laboratories.
11:40 am: FM proposes setting up 3 new All India Institute of Ayurveda.
11:40 am: Budget proposes Biopharma SHAKTI with an outlay of Rs 10,000 crore over next 5 years: FM Sitharaman.
11:40 am: Budget proposes to support of Indian Institute of Creative Technologies Mumbai for setting up content labs in 15,000 secondary schools.
11:38 am: Govt proposes scheme to strengthen domestic manufacturing of high-value, technology-advanced capital goods and infrastructure equipment.
11:36 am: Govt to support states in setting up five hubs for medical tourism: Sitharaman.
11:36 am: Govt will continue to focus on developing infrastructure in cities with over 5 lakh population: FM Sitharaman.
11:35 am: FM proposes raising investment limit for individual PIO from 5 pc to 10 pc.
11:35 am: Existing institutions for allied health professionals to be upgraded: Sitharaman.
11:34 am: Person of Indian Origin (PIO) permitted to invest in equity instruments, listed indian companies through Portfolio Investment Scheme: FM.
11:34 am: FM proposes to market making framework with suitable access to funds and derivatives on corporate bond indices.
11:33 am: Finance Minister proposes to restructure REC, PFC as part of public sector financial institution strengthening.
11:31 am: Budget proposes to review foreign exchange management non-debt instruments rules: Sitharaman.
11:29 am: FM proposes developing 7 high speed corridors between cities as growth connectors.
11:29 am: Outlay of Rs 20,000 cr proposed for launch of carbon capture and utilisation scheme across sectors like steel and cement: FM.
11:27 am: FM proposes incentives for indigenous manufacturing of sea planes.
11:27 am: A ship repair ecosystem catering to inland waterways will be set up at Varanasi and Patna: FM.
11:26 am: FM proposes setting up of Infrastructure Risk Fund to strengthen private developers risk management.
11:20 am: Propose Mahatma Gandhi Gram Swaraj initiative to strengthen Khadi handloom: Sitharaman in Budget FY’27.
11:17 am: FM proposes setting up of 3 dedicated chemical parks to enhance domestic production, reduce import dependency.
11:16 am: FM proposes to support mineral rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish critical mineral facilities.
11:15 am: Budget 2026-27 proposes Rs 10,000 crore investment in biopharma over next 5 years: FM.
