Union Budget 2026: Will Old Tax Regime Be Abolished? Key Changes Expected Tomorrow
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News18•31-01-2026, 08:56
Union Budget 2026: Will Old Tax Regime Be Abolished? Key Changes Expected Tomorrow
- •The Union Budget 2026, to be presented on February 1, will address potential changes in income tax rules.
- •The new tax regime is the default for FY 2025-26, with salaried individuals able to opt for the old regime when filing.
- •New tax regime offers a standard deduction of Rs. 75,000 and a full rebate under Section 87A for incomes up to Rs. 12 lakh.
- •Old tax regime remains attractive for those utilizing Section 80C, home loan interest, and health insurance deductions.
- •Taxpayers await clarity on the future of the old tax regime, with discussions on its continuation, improvement, or phasing out.
Why It Matters: Taxpayers eagerly await Union Budget 2026 for clarity on the future of the old tax regime and new tax rules.
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