Budget 2026 Live Updates: Finance Minister Nirmala Sitharaman Set to Present Union Budget
Finance Minister Nirmala Sitharaman is poised to present her ninth consecutive Union Budget in just a few hours, marking a significant moment in India's fiscal calendar. Ahead of the Budget presentation, FM Sitharaman has already visited the finance ministry at Kartavya Bhavan and will now proceed to the Rashtrapati Bhavan for a meeting with President Droupadi Murmu, underscoring the formalities and importance of this annual event.
Income Tax Announcements and Slabs in Budget 2026: Key Focus Areas
As FM Sitharaman unveils the Union Budget 2026 today, a primary area of attention will be on income tax announcements and the income tax slabs for Budget 2026. Taxpayers across the nation are eagerly awaiting potential changes, with hopes pinned on more tax relief and adjustments to the income tax slab under the new tax regime for 2026. While the Budget may not introduce major decisions regarding income tax, there is widespread anticipation for benefits that could ease the financial burden on individuals and families.
Income Tax Slabs and Rates: Old vs New Regime Changes
The old and new tax regimes feature distinct tax slabs, each with its own set of rates. Understanding these differences is crucial for taxpayers to make informed decisions about their financial planning. Below, we outline the income tax slabs for both regimes to provide a clear comparison.
Check the Income Tax Slabs for the Old Tax Regime
- Income up to ₹2,50,000 – Nil
- ₹2,50,001 to ₹5,00,000 – 5%
- ₹5,00,001 to ₹10,00,000 – 20%
- Income above ₹10,00,000 – 30%
Under the New Tax Regime
- Income up to ₹4 lakh – Nil
- ₹4 lakh to ₹8 lakh – 5%
- ₹8 lakh to ₹12 lakh – 10%
- ₹12 lakh to ₹16 lakh – 15%
- ₹16 lakh to ₹20 lakh – 20%
- ₹20 lakh to ₹24 lakh – 25%
- Income above ₹24 lakh – 30%
Stay tuned for all LIVE updates on Budget 2026 income tax announcements as they unfold. The presentation is expected to shed light on any modifications to these slabs and provide insights into the government's fiscal strategy for the coming year.
