India, Feb. 1 -- Finance minister Nirmala Sitharaman on Sunday presented the Union Budget 2026-27 in Parliament, unveiling the government's fiscal strategy for the coming year. Nirmala Sitharaman said new Income Tax Act, which was notified in July 2025, will come into effect from April 1, 2026.

A key focus of this year's Budget was personal income taxation, with announcements designed to address taxpayer expectations and support economic activity. Track Budget speech live updates here

The finance minister also proposed rule-based automated process for small taxpayers in the FY27 Budget.

The Budget 2026 focuses on three 'kartavyas' or duties, Nirmala Sitharaman began her speech by saying. The three kartavyas she said are: Accelerate and...