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    Surcharge on income-tax stays unchanged; specified fund income exempt and special-assessment persons face a 25% surcharge cap.
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    Health and Education Cess to be levied at 4% on income-tax inclusive of surcharge; no marginal relief.
    Health and Education Cess is imposed at 4% on the amount of income-tax so computed, inclusive of any applicable surcharge, and no marginal relief is available; the cess is levied uniformly on the surcharge-inclusive tax liability.
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    Employer deduction for employee contributions will be tied to the return filing due date under section 263(1).
    The Finance Bill, 2026 amends section 29(1)(e) to provide that the due date for claiming a deduction for employee contributions credited by the employer shall be the due date of filing of return of income under section 263(1); the amendment takes effect from 1 April 2026 and applies to tax year 2026-27 and subsequent years.
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      OTHER CHANGES PROPOSED IN THE CUSTOM NOTIFICATIONS

      1 February, 2026

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      Union Budget 2026-27 - Finance Bill, 2026

      1. S. No. 69A of notification No. 25/2002 dated 1st March, 2002 is being modified to extend the BCD exemption currently available on capital goods for use in the manufacturing of Lithium- Ion Cells for batteries of Electrically Operated Vehicles, to cover batteries for stationary energy storage applications i.e. Battery Energy Storage Systems (BESS) also. This change is being made effective from 02.02.2026.

      2. S. No. 334A is being introduced in TABLE I of notification No. 45/2025-Customs dated 24.10.2025 to extend BCD exemption to raw materials for manufacture of parts of aircraft for maintenance, repair, or overhauling of aircraft or components or parts of aircraft, including engines, provided that the goods are imported by Public Sector Units under the Ministry of Defence. This exemption is subject to following the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 (IGCRS Rules 2022). Further, the importer has to produce an end-use certificate from an officer not below the rank of Joint Secretary in the Ministry of Defence. This change is being made effective from 02.02.2026.75

      3. S. No. 335A is being introduced in TABLE I of notification No. 45/2025-Customs dated 24.10.2025 to extend BCD exemption to components or parts, including engines, of aircraft, for the manufacture of aircraft and parts thereof, provided that the importer adheres to the procedure set out in the IGCRS Rules 2022. This change is being made effective from 02.02.2026.

      4. The exemption under S.No. 66 of TABLE II in notification No. 45/2025-Customs has been modified to cover goods required for setting up of specified Nuclear Power Project, irrespective of their capacity, as certified by an officer not below the rank of a Joint Secretary to the Government of India in the Department of Atomic Energy. Further, the validity of this exemption is being extended from 30.09.2027 to 30.09.2035. The eligibility of contracts covered under the scope of this exemption is also being extended to all contracts registered with the Customs Houses concerned on or before 30.09.2035. This change is being made effective from 02.02.2026.

      5. The List 3 appended to TABLE I of notification No. 45/2025-Customs dated 24.10.2025 has been modified to include 17 new drugs/medicines for extending BCD exemption. This change is being made effective from 02.02.2026.

      6. The List 22 appended to TABLE I of notification No. 45/2025-Customs dated 24.10.2025 has been modified to include 7 rare diseases that are a part of National Policy for Rare Disease (NPRD), 2021 for extending custom duty exemption on drugs, medicines and food for special medical purposes, when imported for personal use. This change is being made effective from 02.02.2026

      7. Notification No. 36/2024-Customs dated 23.07.2024 was issued to exempt 55 groups of critical minerals from Basic Customs Duty and Social Welfare Surcharge. As a simplification measure, 29 entries of this notification are being been omitted with effect from 01.05.2026 by shifting the effective rates to the Tariff itself. Further, 22 redundant entries are being omitted from this notification with effect from 02.02.2026. In addition, the following three entries are being merged in notification No. 45/2025-Customs dated 24.10.2025, with effect from 02.02.2026. As a consequence, notification No. 36/2024-Customs is proposed to be rescinded with effect from 01.05.2026.

      Sl.No.

      S. No. of notification No. 36/2024- Customs

      Description

      1.

      38

      Salts of oxometallic or peroxometallic acids of Beryllium and Rhenium

      [vide insertion of S.No. 110B in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

      2.

      39

      Compounds, inorganic or organic of rare earth metals

      [vide insertion of S.No. 111A in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

      3.

      55

      Unwrought; waste and scrap; powders of: —

      (i) Gallium

      (ii) Germanium

      (iii) Indium

      (iv) Niobium

      (v) Vanadium

      [vide insertion of S.No. 226A in TABLE I of notification No. 45/2025-Customs dated 24.10.2025]

      Note: Effective BCD rates will remain the same.

       

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      Union Budget 2026-27 - Finance Bill, 2026

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