Union Budget 2026-27: Six-Month Foreign Asset Disclosure for Small Taxpayers, Healthcare Capacity Boost Announced

New Delhi, February 1
Finance Minister Nirmala Sitharaman on Sunday unveiled a series of taxpayer-focused and development-oriented measures while presenting the Union Budget 2026-27 in the Lok Sabha.

Six-Month Foreign Asset Disclosure Window​

The finance minister proposed a six-month foreign asset disclosure scheme aimed at small taxpayers, including students, technology professionals, and non-resident Indians who have relocated overseas. The initiative is designed to facilitate voluntary compliance within a defined timeframe.

Relief on Interest Liability During Appeals​

In a move offering procedural relief, Sitharaman announced that taxpayers will not face any interest liability on the penalty amount for the period of appeal before the first appellate authority, regardless of the outcome of the appeal.

Dividend Income Exemption for Cooperatives​

The budget also proposed a three-year exemption on dividend income received by notified cooperatives for investments made up to January 31, 2026, providing targeted relief to the cooperative sector.

Healthcare Infrastructure Expansion​

On healthcare, the government announced plans to increase capacity by 50 percent in district hospitals through the establishment of emergency and trauma care centres, strengthening access to critical care services at the district level.

Sustainable Mountain Trails Across Regions​

As part of its focus on eco-friendly tourism and conservation, the government will develop ecologically sustainable mountain trails across Himachal Pradesh, Uttarakhand, Jammu and Kashmir, Araku Valley, and the Western Ghats, aligning environmental protection with tourism development.

These announcements form part of the broader Union Budget 2026-27 agenda, which places emphasis on compliance facilitation, social infrastructure, and sustainable regional development.