Following Finance Minister Nirmala Sitharaman's budget speech on February 1, 2026, a suite of documents was tabled in Parliament, offering a comprehensive view of the government's financial strategy. While the speech provides the overarching narrative, these documents contain the details crucial for understanding the nuances of the Union Budget 2026. For those keen on deciphering the real implications of the budget, here are ten essential papers to consider.

1. Annual Financial Statement (AFS): As mandated by Article 112 of the Constitution, the AFS is the most important budget document. It presents the estimated receipts and expenditures for the upcoming financial year, along with revised estimates for the current year and actual figures from the previous year. Key elements to watch include total receipts and expenditures, fiscal, revenue, and primary deficits, and the breakdown between revenue and capital expenditure across the Consolidated Fund, Contingency Fund, and Public Account. Together, the revenue and capital sections of the AFS constitute the Union Budget.

2. Demands for Grants: Required under Article 113, these detail the ministry-wise spending plans, specifying the funds each ministry and department seeks from Parliament. Analyzing these demands reveals allocations to individual ministries and departments, revenue and capital spending at the ministry level, and any new schemes or services being proposed. This document is key to tracking sector-specific priorities.

3. Finance Bill: Presented under Article 110, this bill gives legal effect to the tax proposals announced in the Budget. It includes changes to income tax, corporate tax, and indirect taxes, amendments to tax laws and compliance provisions, and any new levies, exemptions, or rate changes. The Finance Bill is what translates budget announcements into law.

4. Fiscal Policy Statements: Mandated by the Fiscal Responsibility and Budget Management (FRBM) Act, these statements provide insights into the government’s fiscal thinking beyond a single year. They include the Macro-Economic Framework Statement, with growth assumptions, inflation outlook, and assessments of fiscal balance and the external sector. Also included is the Medium-Term Fiscal Policy and Strategy Statement, which outlines three-year rolling targets for fiscal deficit, revenue deficit, primary deficit, and debt, along with strategies for taxation, expenditure, borrowing, and guarantees.

5. Expenditure Budget: This document consolidates scheme-wise spending that may be scattered across multiple Demands for Grants. It reveals spending on Central Sector and Centrally Sponsored Schemes, transfers to states and Union Territories, and the proportion of establishment costs versus program expenditure. It shows how headline allocations translate into programs.

6. Receipt Budget: This provides a detailed breakdown of the government's revenue sources and capital receipts. Keep an eye on direct versus indirect tax trends, non-tax revenues like dividends and interest, disinvestment receipts, and details on borrowings, guarantees, and liabilities. It also explains tax arrears and the revenue impact of tax incentives.

7. Expenditure Profile: This offers an aggregated view of government spending, adjusted for recoveries and inter-departmental transfers. It highlights sectoral priorities such as defense, railways, and social spending, along with gender budgeting and welfare allocations, transfers to states, and major variations between Budget and revised estimates.

8. Budget at a Glance: A concise snapshot of the Budget, this document presents key figures such as fiscal, revenue, and primary deficits, resource transfers to states, and broad tax and expenditure aggregates. It's the quickest way to grasp the overall fiscal stance.

9. Memorandum Explaining the Finance Bill: This explanatory note decodes the tax proposals in the Finance Bill, providing the rationale behind tax changes and their likely impact on taxpayers and businesses.

10. Output–Outcome Monitoring Framework: This performance framework links spending to measurable outcomes for major schemes. It includes targets and indicators for large schemes and tracks outputs versus outcomes.

These documents are essential because the Union Budget is more than just a statement of receipts and expenditure. While the Finance Minister's speech sets the narrative and direction, these documents reveal the underlying strategies, constraints, and trade-offs that shape government policy. A thorough review of these papers is critical for anyone tracking public finance, markets, or governance to fully understand the budget's implications.