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News India Live, Digital Desk: Finance Minister Nirmala Sitharaman presented Budget 2026-27 in Parliament today with the vision of ‘Developed India’. Keeping in mind the expectations of the middle class and especially the salaried class, the government has taken major steps towards making the tax structure more rational. Although no major changes have been made in the tax slabs, some important reliefs have been announced to make the ‘New Tax Regime’ more attractive, which can increase your ‘take home salary’. Relief to the middle class: No tax on earnings up to ₹ 12.75 lakh. According to Budget 2026, under the new tax regime, now employed people with annual income up to ₹ 12.75 lakh will not get a single penny. No tax will have to be paid. This includes a tax rebate on income of ₹12 lakh and a standard deduction of ₹75,000. “Our aim is to simplify tax filing and leave more savings in the hands of the middle class, thereby promoting consumption and investment.” —Finance Minister, Budget SpeechSuspense over standard deduction over: What changed? The working class was expecting the standard deduction limit to be increased from ₹75,000 to ₹1 lakh this time. Although the government has retained it at ₹75,000 for now, tax experts believe that the revised rebate limit (₹60,000) under the ‘New Tax Regime’ has already given a big relief to small and medium taxpayers. New Tax Regime (2026-27): New tax slabs at a glanceIf you choose the new tax regime, your income will be taxed at the following rates:Annual Income (₹)Tax Rate (%)0 to ₹4 Lakh0% (Nil)₹4 Lakh to ₹8 Lakh5%₹8 Lakh to ₹12 Lakh10%₹12 Lakh to ₹16 Lakh15%₹16 Lakh to ₹20 Lakh20%₹20 Lakh to ₹24 Lakh25%Above ₹24 Lakh30%Old vs New Tax Regime: Which is better for you?No change in the slabs of the old tax regime in the budget. Old Regime: Better for people who want to make huge investments and claim deductions like HRA, 80C, and home loan interest. New Regime: Best for people who want to enjoy the benefits of lower tax rates and higher standard deduction without any investment hassles. Other important announcements: Cheaper medicines and easier education loans Apart from the tax, the government has abolished customs duty on 17 life-saving cancer drugs, making treatment cheaper. Will happen. Also, the TCS rate on money sent abroad for education and medical treatment has been reduced from 5% to 2%, which is a big relief for middle class families.