Budget 2026: As the date of Budget 2026 is coming closer, the heartbeats of common people are also increasing. Especially the employed and middle class have great hopes for relief in income tax this time. Amidst rising inflation, household expenses and children’s education, the burden of tax hurts people the most. In such a situation, everyone’s eyes are on the announcement by Finance Minister Nirmala Sitharaman, which is going to be made on February 1st.
The journey of income tax slabs in India
The tax system that seems simple to us today was not always so. After independence, there used to be a total of eleven slabs of income tax in India. The tax rate changed with every small increase in income, which made the accounting quite complicated. With time, governments tried to simplify this system and gradually the slabs got reduced. Now only seven slabs are left in the new tax system, which has brought some relief to the common man in understanding the tax.
New tax system and existing structure
Under the new tax system implemented in Budget 2025, calculating tax on income has become easier than ever. The exemptions and slabs in this system have been designed in such a way that many people do not have to depend on chartered accountants for filing tax returns. However, despite this, the middle class feels that the tax rates are still heavy on their pockets.
Possible relief in income tax in Budget 2026
According to tax experts and media reports, this time the government may take some big decisions. The biggest discussion is about increasing the standard deduction. If this exemption increases, the taxable income of direct salary earners will reduce. Apart from this, it is also expected that the limit of tax exemption available under Section 87A will be increased, due to which more people can come in the zero tax bracket.
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Home loan and senior citizens can get relief
Relief is also expected for home loan takers and the elderly in Budget 2026. The interest rebate on house purchase can be increased so that the real estate sector gets a boost. At the same time, there is a possibility of increasing the TDS limit on fixed deposits and savings schemes for senior citizens, so that they can get some relief from tax hassles.
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