Budget 2026: Key Income Tax Expectations and Current Rates Revealed
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News18•01-02-2026, 10:00
Budget 2026: Key Income Tax Expectations and Current Rates Revealed
- •Finance Minister Nirmala Sitharaman to present ninth consecutive Union Budget on February 1.
- •Expectations for Budget 2026 include higher standard deduction, home loan interest, and medical insurance premium deductions under the new tax regime.
- •Proposals under discussion include a deduction of up to Rs 2 lakh on home loan interest and Rs 50,000 for medical insurance premiums.
- •Taxpayers anticipate a standard deduction of up to Rs 1 lakh under the new tax regime.
- •Speculation suggests the old tax regime might be phased out, making the new regime the sole system for individual taxpayers.
Why It Matters: Taxpayers await Budget 2026 for potential income tax relief and clarity on the future of tax regimes.
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