FAQ Union Budget 2026
Q.1 What are the categories under which the proposals of the Budget 2026-27 are classified? Ans: The budget proposals are classified under the following categories: (A) Ease of Living (B) Rationalising penalty and prosecution (C) Cooperatives (D) Supporting IT sector as India’s growth engine (E) Attracting global business and investment (F) Rationalisation of corporate tax regime (G) Rationalisation of other direct tax provisions EASE OF LIVING II. Exemption on interest income awarded under the Motor Vehicles Act, 1988 [Schedule III] Q.1 What amendment has been proposed in the Income-tax Act, 2025 in connection with the provisions of the Motor Vehicle Act, 1988? Ans: A new provision has been inserted to exempt any income in the nature of interest awarded under the Motor Vehicle Act, 1988 to an individual or his legal heir. Q.2 Who would be eligible to claim such exemption? Ans: An individual or his legal heir would be the eligible person. Q.3 What are the applicable conditi...