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The Finance Bill has been passed by the Lok Sabha on Wednesday, marking a key step in implementing the Central Government’s Budgproposals for the fiscal year 2026-2027. Finance Minister Nirmala Sitharaman had moved the bill in the House on Monday.
A Finance Bill is a key legislative step that will give legal backing to the proposals announced in the Union Budget. The Finance Bill will now bring into force changes in income tax rates, duties and other levies, directly affecting how much individuals and businesses pay to the exchequer. The provisions are expected to shape citizens’ disposable income, savings and investment returns, among other measures.
“Finance Bill 2026-27 rests on five clear principles; trust- based tax administration is being improved; members mocking ease of living for common citizens and ease of doing business, we should continue on that process,” said the Finance Minister Nirmala Sitharaman in the Lok Sabha.
What are the key budget proposals?
The key Budget 2026-27 proposals included special focuses on driving growth, creating jobs, and promoting inclusive development.
It emphasises capex-led expansion for infrastructure and private investment, employment and skilling initiatives like Yuvashakti, and support for MSMEs through credit and incentives. Manufacturing, industry, and agriculture will benefit from production-linked schemes, industrial corridors, irrigation, and rural infrastructure. The Budget also prioritises green energy, digital governance, urban development, and connectivity, along with human capital development in education, healthcare, and nutrition. Inclusive growth and social protection are strengthened through welfare schemes, direct benefit transfers, and support for vulnerable populations.
Earlier on February 1 in her budget 2026 speech, the Finance Minister introduced several key reforms, while maintaining the same standard deduction and income tax slabs as FY 2025-26. The Budget introduced a new Income Tax Act effective April 1, 2026, with simplified rules and forms for easier compliance. TCS on overseas tour packages and LRS remittances for education and medical purposes has been cut to 2%. The deadline for filing revised returns is extended to March 31, while income tax slabs remain unchanged, with no age-based benefits.
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