Budget 2026 - Income Tax LIVE: Union Finance Minister Nirmala Sitharaman will present her ninth consecutive Union Budget in the Lok Sabha on Sunday February 1. With this she will become the longest-serving finance minister to hold the post continuously. After the presentation of the Budget 2026 in the Lower House a copy of the Budget will be tabled in the Upper House. After receiving significant relief in 2025 middle-class and salaried taxpayers are hoping for more income tax cuts in Budget 2026. In the Union Budget 2025 the central government gave significant benefits to taxpayers by cutting income tax on earnings up to Rs 12 lakh per year. For salaried taxpayers this went up to Rs 12.75 lakh after standard deduction of Rs 75000. Income tax has always been a centre point of the budget announcement where the middle class specially salaried people expect benefits from the central government to reduce their taxes.
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