Income Tax Slabs, Rates Announcment Budget 2026-27 Live Updates: The Union Budget 2026 carried no major changes for taxpayers and the middle class. While Finance Minister Nirmala Sitharaman announced new measures to ease taxation rules for taxpayers, there were no changes in Income Tax slabs under the New Regime or the Old Tax Regime.
Also See: Budget 2026 Highlights | Stock Market Live Updates
Presenting her record ninth consecutive budget on Sunday, February 1, Finance Minister Nirmala Sitharaman announced the revision of ITR revision deadline to March 31, from the earlier December 31 deadline. The Finance Minister also announced relief in areas like TCS on foreign tours and education and medical remittances under LRS.
The new income tax regime offers lower slab rates but removes most exemptions and deductions available under the old system. It is the default tax regime for FY 2025–26, though salaried taxpayers can still opt for the old regime while filing their income tax return. While the old tax regime allows taxpayers to claim multiple exemptions and deductions such as Section 80C, HRA, LTA, and home loan interest. Although slab rates are higher, taxpayers with substantial deductions may still find the old regime beneficial.
Income Tax Slabs For FY 2025-26 Under New Tax Regime
The New Tax Regime is a simplified income tax system that offers lower rates in exchange for foregoing most exemptions and deductions. The budget widened tax slabs, easing the burden on middle- and upper-middle-income earners. Notably, the 30 per cent tax rate now applies only to income above Rs 24 lakh, up from Rs 15 lakh earlier, providing major relief to those earning between Rs 15 lakh and Rs 24 lakh.
In last year’s Budget, the government raised the tax-free income limit to Rs 12 lakh via a higher rebate under Section 87A and extended the standard deduction to Rs 75,000 to boost the take-home salary of individuals. The old regime and key deductions remained unchanged, keeping the focus on simplification over major relief.
When And Where To Watch FM Sitharaman’s Budget Speech?
The Budget speech will be broadcast live here and on all other news channels. You can also catch all the updates about Budget 2026 on News18.com. News18 will provide detailed live blog updates on the Budget speech, and political, industry, and market reactions.
