New Delhi. Union Finance Minister Nirmala Sitharaman presented the economic picture of the future to the country in her ninth budget. While on one hand an attempt has been made in the budget to provide relief to the common man, on the other hand complete arrangements have also been made to crack down on tax evaders. The fiscal deficit for fiscal year 2026-27 is estimated at 4.3 percent of GDP, which is lower than 4.8 percent in the current fiscal year.

There will be relief from inflation, these things will become cheaper

The Finance Minister made many such announcements in his budget speech which can bring a smile on the face of the common man. Common people will get great relief as shoes, clothes and batteries become cheaper. Apart from this, the government has also announced to make 17 cancer medicines cheaper, and has also reduced the burden on medicines for 7 rare diseases. The decision to reduce customs duty on medicines and medical devices is expected to reduce expenditure on health services.

CNG and biogas also cheap, vehicle owners benefit

While promoting environment friendly fuel, the government has also announced to make CNG and biogas cheaper. This step will not only benefit the environment but will also reduce the burden on the pockets of CNG vehicle owners.

Now there will be no jail for tax irregularities, fine will be imposed

The government has given big relief to those who commit irregularities in income tax returns. Now the provision of punishment in such cases has been abolished and a provision of fine has been made in its place. Those who hide their income will be charged a tax of 30 percent, but they will not be jailed or punished.

Foreigners also got relief, tax exemption for data centers

Finance Minister Sitharaman also gave relief to foreign nationals by announcing that foreign nationals living in India for five years will be exempted from tax on their non-India income. Along with this, foreign cloud companies using data centers in India will be given tax holidays till 2047.

Automated process for small taxpayers

It will now be easier for small taxpayers to get TDS deduction certificate. The government has announced the launch of a rule-based automated process through which low or zero TDS deduction certificates can be obtained without applying to the assessing officer.

TDS rule changed for NRI

The government has also changed the rules of TDS applicable on non-resident Indians (NRIs) selling property. Now the responsibility of deduction will be on the resident buyer and tax account number will not be required for this.