Union Budget 2026-27 , presented on 1 February 2026 , is the base for Budget questions in RBI Grade B, SEBI Grade A and NABARD exams in 2026-27. Here are the numbers and announcements that matter most.
Basics
Point Detail Presented on 1 February 2026 Finance Minister Nirmala Sitharaman (her 9th consecutive Budget, approx)Constitutional basis Article 112 (Annual Financial Statement)Fiscal framework FRBM Act, 2003 ; move from a fiscal deficit target to a debt-to-GDP anchor
Key numbers (Budget Estimates 2026-27)
Item Amount Total expenditure ₹53.5 lakh crore Capital expenditure ₹12.2 lakh crore Fiscal deficit 4.3% of GDP (revised estimate for 2025-26: 4.4%)Net tax receipts ₹28.7 lakh crore Total non-debt receipts ₹36.5 lakh crore Gross market borrowing ₹17.2 lakh crore (net about ₹11.7 lakh crore)Debt-to-GDP (Centre) 55.6% (target 50% ± 1% by 2030-31 )Finance Commission grants to states About ₹1.4 lakh crore Vertical devolution 41% (16th Finance Commission accepted)
Direct tax changes
Change Detail New law Income-tax Act, 2025 replaces the 1961 Act from 1 April 2026 Income tax slabs No change in rates (the big relief came in Budget 2025-26: no tax up to ₹12 lakh under the new regime)Filing deadlines ITR-1/2: 31 July ; non-audit business and trusts: 31 August ; revised return till 31 March MAT Cut to 14% , as a final tax from April 2026 Buybacks Taxed as capital gains for shareholders TCS under LRS Cut to 2% for overseas tours, education and medical purposes Appeals Pre-deposit for appeals cut from 20% to 10% Offences Most tax offences: maximum 2 years’ imprisonment (down from 7) Foreign assets One-time 6-month disclosure window for undisclosed foreign assets STT Futures 0.05% ; options 0.15%
Customs and indirect tax
17 cancer drugs and 7 rare-disease medicines exempted from customs duty.Duty on personal-use imports cut from 20% to 10% .
₹10 lakh cap per consignment on courier exports removed.
Customs Integrated System to be rolled out in 2 years.
New missions, funds and schemes
Announcement Detail Biopharma SHAKTI ₹10,000 crore over 5 years for biopharma Electronics Components Manufacturing Scheme Outlay raised to ₹40,000 crore Carbon capture (CCUS) ₹20,000 crore over 5 years Container manufacturing ₹10,000 crore over 5 years SME Growth Fund ₹10,000 crore City Economic Regions ₹5,000 crore per region Infrastructure Risk Guarantee Fund New Bharat-VISTAAR AI-based advisory for farmers SHE-Marts Retail outlets run by rural women Khelo India Mission Sports development Rare Earth Corridors and Chemical Parks Strategic minerals and chemicals Infrastructure targets 20 new National Waterways , 7 high-speed rail corridors , 4,000 e-buses for Purvodaya states
Banking, NBFC and capital market announcements
Area Announcement Banking High-Level Committee on Banking for Viksit Bharat NBFCs Restructuring of Power Finance Corporation and REC Bond market Market-making framework for corporate bondsForeign investment Persons resident outside India (individuals) can hold up to 10% in a listed company (up from 5%) Municipal bonds ₹100 crore incentive for high-value municipal bond issues
Exam-ready one-liners
Budget 2026-27 was presented on 1 February 2026.
Total expenditure: ₹53.5 lakh crore; capex: ₹12.2 lakh crore.
Fiscal deficit target: 4.3% of GDP.
Debt-to-GDP target: 50% ± 1% by 2030-31.
The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026.
STT on futures: 0.05%; on options: 0.15%.
MAT cut to 14%.
A High-Level Committee on Banking for Viksit Bharat was announced.
Related reading
Quiz: test yourself
Based on Budget 2026-27 documents as reported. Check indiabudget.gov.in for the full speech and documents.