FEDERALISM IN INDIA Federalism in India is a "quasi-federal" system, defining the nation as a "Union of States" (Article 1) rather than a strict federation . It divides powers between the central and state governments, featuring a written constitution, dual government, and a strong unitary tilt where the Centre holds supreme authority during crises. Key Characteristics of Indian Federalism: Constitutional Division of Power: Legislative, administrative, and executive powers are divided between the Union and States, with a third concurrent list for shared powers. Unitary Features: The Centre holds more power, including control over state boundaries, residual powers, emergency provisions, and a single, unified judiciary . "Union of States": While federal in structure, the Constitution allows for a "semi-federal" or "quasi-federal" arrangement to maintain national unity. Cooperative Fe...
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BUDGET (2026-2027) OVERVIEW The Union Budget 2026–27, presented on 1 February 2026 , is anchored in the vision of "Viksit Bharat 2047" . It introduces a landmark New Income Tax Act, 2025 and prioritises infrastructure, manufacturing, and "Yuva Shakti" (Youth Power) while maintaining fiscal discipline . 1. Personal Finance and Taxation The center-piece of the budget is the Income Tax Act, 2025 , replacing the 1961 Act starting 1 April 2026 to simplify compliance and reduce litigation. Income Tax Slabs: Rates remain unchanged, but the effective tax-free income remains ₹12 lakh under the New Tax Regime due to a ₹60,000 rebate . Deductions: Salaried employees continue to benefit from a ₹75,000 standard deduction , making income up to ₹12.75 lakh tax-free. Senior Citizens: The deduction limit has been doubled from ₹50,000 to ₹1 lakh . Simplified Compliance: R...