Budget 2026 Update: Finance Minister Nirmala Sitharaman has presented her ninth budget. This budget includes a major announcement for taxpayers. On Sunday, while presenting the budget, Finance Minister Nirmala Sitharaman offered significant relief to taxpayers. Taxpayers can now file revised income tax returns with reduced fees until March 31st.

This government decision will benefit taxpayers who wish to correct any errors made while filing their returns. Along with this, a significant reduction in TCS (Tax Collected at Source) rates has also been announced.

Nirmala Sitharaman announced a reduction in the TCS rate from 5 percent to 2 percent on remittances sent under the Liberalized Remittance Scheme for education and medical treatment. This will directly benefit the families of students studying abroad.

She began her speech by saying that our focus has been on the prosperity of the poor and farmers, and along with working towards creating employment, we are making decisions that support growth.

Here are 10 key highlights of the budget

This is a youth-centric budget, keeping in mind farmers, the poor, and the common man.

The government’s focus has been on reducing the revenue deficit.

The focus is on productivity, tackling global uncertainties, inclusive development, and working together for all.

The focus is on boosting infrastructure and attracting robust investment.

The focus is on job creation and business reforms.

The government’s focus is on public investment; economic growth is centred on three key areas.

A proposal to increase the EMS PLI scheme to ₹40,000 crore.

Corridors will be built for rare earth minerals in Tamil Nadu, Kerala, and Andhra Pradesh.

₹10,000 crore has been allocated for the MSME Growth Fund.

Sitharaman said, “We are launching ISM 2.0.”

This will promote semiconductors. A provision of ₹40,000 crore has been made for electronics manufacturing.