Union Budget 2026: MSMEs get three-pronged support plan
India Sunday outlined a three-pronged support plan for micro, small, and medium enterprises (MSMEs), offering equity, liquidity, and professional assistance to help firms scale up as "champions."
The budget proposed to extend timelines for filing revised and updated tax returns, allowing MSMEs to correct errors without penal consequences.
To ease compliance costs, professional bodies including the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, and the Institute of Cost Accountants of India will be roped in to design short-term modular courses and practical tools, and to create a pool of accredited para-professionals.
The budget also proposed simplified tax deducted at source (TDS) rules for manpower supply, a move expected to benefit labour-intensive MSMEs. Finance minister Nirmala Sitharaman earmarked dedicated funds for the sector and announced a top-up of the Self-Reliant India Fund to improve access to risk capital.
The budget proposed to extend timelines for filing revised and updated tax returns, allowing MSMEs to correct errors without penal consequences.
To ease compliance costs, professional bodies including the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, and the Institute of Cost Accountants of India will be roped in to design short-term modular courses and practical tools, and to create a pool of accredited para-professionals.
The budget also proposed simplified tax deducted at source (TDS) rules for manpower supply, a move expected to benefit labour-intensive MSMEs. Finance minister Nirmala Sitharaman earmarked dedicated funds for the sector and announced a top-up of the Self-Reliant India Fund to improve access to risk capital.
Next Story