Budget 2026: Income Tax Focus on Old vs New Regime, Deductions, and Taxpayer Relief
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News18•31-01-2026, 07:15
Budget 2026: Income Tax Focus on Old vs New Regime, Deductions, and Taxpayer Relief
- •Budget 2026 preparations are underway, with expectations for income tax rule tweaks for individual taxpayers.
- •The new tax regime remains the default for FY 2025–26, offering an option to switch to the old regime for salaried taxpayers.
- •Under the new regime, resident individuals earning up to Rs 12 lakh are effectively exempt from income tax on normal income.
- •The old tax regime continues to appeal to those who can utilize various exemptions and deductions like Section 80C, HRA, and home loan interest.
- •The upcoming budget will likely intensify the debate on the future of the old tax regime and potential changes to the income tax landscape.
Why It Matters: Budget 2026 will focus on income tax, with the new regime as default and debate on the old regime's future.
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