Budget 2026: FM to Simplify Tax Rules, Announce Relief for Middle Class
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Moneycontrol•30-01-2026, 15:40
Budget 2026: FM to Simplify Tax Rules, Announce Relief for Middle Class
- •Finance Minister Nirmala Sitharaman will focus on simplifying tax rules, with a new Income Tax Act effective April 1.
- •Expectations include an increase in standard deduction from Rs 75,000 to Rs 1,00,000 in the new income tax regime.
- •Deduction on home loan interest under Section 24(b) may rise from Rs 2 lakh to Rs 3 lakh, currently only for the old regime.
- •FM may announce increased health insurance deduction, potentially extending it to the new tax regime.
- •Investors seek changes in capital gains rules, hoping for a reduction in Short Term Capital Gains Tax.
Why It Matters: Budget 2026 aims to simplify tax rules and provide relief to taxpayers, especially the middle class.
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