Budget 2026: ICAI Demands Major Personal Tax Reforms from Nirmala Sitharaman
Budget
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CNBC Awaaz•10-01-2026, 11:11
Budget 2026: ICAI Demands Major Personal Tax Reforms from Nirmala Sitharaman
- •ICAI has submitted a pre-budget memorandum to the Ministry of Finance, requesting significant changes in Personal Tax for Budget 2026.
- •The institute seeks a review of the default tax regime, surcharge limits, and deductions for retail taxpayers.
- •ICAI recommends allowing deductions for health insurance premiums and medical expenses under the default tax regime.
- •Proposals include deductions for persons with disabilities and increasing their limits due to inflation.
- •ICAI suggests raising the surcharge limit for individuals and HUFs from Rs 50 lakh to Rs 75 lakh and introducing optional joint ITR for married couples.
Why It Matters: ICAI proposes key personal tax reforms for Budget 2026, focusing on deductions, surcharge limits, and joint ITR.
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