Income Tax Budget 2026 highlights: No change in tax slabs, new act to come into effect from April 1

Income Tax Budget 2026 LIVE: Finance minister Nirmala Sitharaman said that this year's Union Budget is inspired by three ‘kartavyas'.

These three kartavyas are:

• Accelerate and sustain economic growth by enhancing competitiveness
• To fulfill aspirations of our people
• To ensure that every family, community, region has access to resources, opportunities

Income Tax Budget speech 2026 LIVE: Finance minister Nirmala Sitharaman, in her Union Budget 2026-27 speech, said that India's economic trajectory has been marked by stability and sustained growth since the Modi government came to power 12 years ago.

"Since we assumed office 12 years ago, the country's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation. This is the result of conscious choices we have made even in times of uncertainty and disruptions," she said in Lok Sabha.

Finance minister Nirmala Sitharaman said that the country is facing an "external environment", adding that access to supply chains is disrupted. Her remarks come against the backdrop of Trump tariffs.

Finance minister Nirmala Sitharaman begins her Union Budget 2026-27 presentation in the Lok Sabha.

Ahead of the Budget presentation, Shiv Sena (UBT) MP Priyanka Chaturvedi congratulated finance minister Nirmala Sitharaman ahead of her ninth consecutive Union Budget presentation.

She said that the nation's economy is in Sitharaman's hands.

"She (FM Sitharaman) will present her 9th consecutive Budget. I would like to congratulate her. The reins of the country's economy are in her hands. All I hope is that this doesn't remain just an electoral Budget or a Budget influenced by elections...She has to oversee the entire country," she told news agency ANI.

Chaturvedi added, "Be it the issue of exporters, issue of weakening rupee, issue of tariffs, or how she would cushion the country against geopolitical circumstances. Economic Survey says that GDP is growing continuously. But it doesn't match the per capita income and job creation...How would she stimulate growth so that jobs can be created? Inflation hurts more because people's salaries are not rising, but their spending is rising. How can money come to them and their savings and investment increase, so that they can plan their future, is what I hope will be taken care of."

IMC Chamber of Commerce and Industry Co-Chairman Saurabh Shah said that there should be rationalisation of personal income tax slabs for the middle class in the 2026 Union Budget.

"Today's budget is not only going to be about numbers. It will be a roadmap for India's economic growth... In this budget, there should be a rationalisation of personal income tax slabs for the middle class. Incentives will be provided to startiups, MSMEs, and technological entrepreneurs... I hope that there is a synchronisation on compliances and regulations between state and federal governments, so we get an ease of doing business at the ground level, for foreign businesses to come to India, and Indian businesses to expand," he told news agency ANI.

Finance minister Nirmala Sitharaman's budget speech is set to begin shortly, at 11 am, in the Parliament.

Income Tax Slab Budget 2026 LIVE: The Union Cabinet has approved the Union Budget for FY 2026-27.

Ajit Mangrulkar, director general of IMC chamber of commerce and industry, told news agency ANI that expectations from the Union Budget 2026 are "very positive". However, he also said that not much is likely to happen in personal taxation.

"Expectatiopns are very positive. It will be a growth-oriented budget like all other budgets... Fiscal deficit is also under control. But I believe they could spend more because growth is what they should focus on... Our government is strong and serious enough to continue the growth pattern. We expect increased investment in infrastructure. We will see much more in technology. We are expecting an increase in defence expenditure... I don't see much happening in personal taxation," he said.

Raj Basu, advisor, Rural Tourism, Government of Arunachal Pradesh, Advisor, Tourism, Government of Sikki and Chairman, Ecotourism, Department of Tourism and Government of West Bengal, told news agency ANI, "If we look at Siliguri itself, we will see the way Bagdogra Airport is being upgraded. We are seeing the road network that is coming up. We are seeing the New Jalpaiguri railway line under construction. Better connectivity and infrastructure are being addressed. Owner and entrepreneurship-based skill development should be prioritised. If we look at the budget, we see very little allocation for the rural region... There is a lot of focus on border tourism, which is very important."

Ahead of the Union Budget presentation, Union minister Kiren Rijiju told news agency ANI, "It will be a historic budget. The PM's 'Reform Express' will move forward speedily towards Viksit Bharat."

Income Tax Slabs Budget 2026 LIVE: Individuals can calculate their income tax using the Tax Calculator on the Income Tax Department's official website.

Here's a step-by-step guide:

• Step 1: Go to the e-filing home page.
• Step 2: You need to Select Quick Links and choose tax calculator.
• Step 3: Click the link to go to the Income and Tax Calculator page. There are two options: Basic Calculator and Advanced Calculator. The Basic Calculator tab is selected by default.
• Step 4: In the Basic Calculator tab, you need to enter the details like the Assessment Year, taxpayer category, age, residential status, total annual income and total deductions. The tax calculation will appear in the Tax Summary section, according to the details you entered.
• Step 5: In the Advanced Calculator tab, you need to enter more details, including Preferred tax regime, AY, taxpayer category, age, residential status, due date and actual date of submission of return.

You can also calculate your income tax here at Hindustan Times.

Prime Minister Narendra Modi has arrived at the Parliament ahead of the Union Budget presentation at 11 am.

Ahead of the presentation of Union Budget 2026-27, Congress MP Shashi Tharoor noted that jobless growth does not help anyone.

"We are all looking forward to hearing what the Finance Minister has to tell us. The Economic Survey projects good economic growth...Whether that growth is going to be accompanied by jobs? Jobless growth doesn't help anyone. So, we are anxious to see what kind of schemes they have in mind to generate more jobs in this country for young people of India. Apart from that, there will be many things. We in Kerala, with an election coming up, are looking to see what benefits the Central Govt might give us," he told news agency ANI.

Sensex is trading at 82,328.15 points and NSE at 25,314.60 ahead of the presentation of Union Budget 2026-27.

Finance minister Nirmala Sitharaman, along with her team and MoS Finance Pankaj Chaudhary, has arrived at the Parliament. Sitharaman is all set to present her ninth consecutive Union Budget in the Parliament at 11 am today.

President Droupadi Murmu feeds finance minister Nirmala Sitharaman the customary "dahi-cheeni" (curd and sugar) ahead of the presentation of the Union Budget 2026.

Finance minister Nirmala Sitharaman, along with her team, called on President Droupadi Murmi ahead of her Budget presentation in the Parliament.

Individuals can calculate their income tax using the Tax Calculator on the Income Tax Department's official website.

Here's a step-by-step guide:

Step 1: Go to the e-filing home page.

Step 2: You need to Select Quick Links and choose tax calculator.

Step 3: Click the link to go to the Income and Tax Calculator page. There are two options: Basic Calculator and Advanced Calculator. The Basic Calculator tab is selected by default.

Step 4: In the Basic Calculator tab, you need to enter the details like the Assessment Year, taxpayer category, age, residential status, total annual income and total deductions. The tax calculation will appear in the Tax Summary section, according to the details you entered.

Step 5: In the Advanced Calculator tab, you need to enter more details, including Preferred tax regime, AY, taxpayer category, age, residential status, due date and actual date of submission of return.

You can also calculate your income tax here at HT.com.

Income Tax Slabs 2026 LIVE: Vijay Gupta, a passenger at the New Delhi Railway Station, emphasised the need for improved railway services and additional relief for taxpayers.

"The number of trains should be increased. Something should be done about the delay in trains. If the number of tracks are increased, it will be good for passengers travelling during festivals...There was good relief for taxpayers in the Budget last year. If the tax slabs are revised again, it will be really good for middle class," Gupta told news agency.

Shiv Mangal Rahi, a private-sector IT employee, told news agency ANI that he hoped for further tax relief and improvements under the new tax regime.

"I am a private sector employee in the IT sector. The government provided us with major relief the last time. I expect something for us this time as well, that there be some relaxation in the tax slab and the new tax regime be made even better...I hope for improvement in facilities at the Railway stations and trains, infrastructure is important. I think govt will do something regarding inflation too," he said.

Passengers at New Delhi railway station voiced their expectations for the upcoming budget.

One of the passengers said he had high hopes for the Budget, praising last year's exercise in which income tax slabs were revised.

"I have a lot of expectations with the Budget. The Budget last year was really good. They revised the Income Tax slab, and it benefited the middle class. In the wake of current geopolitical situation, Budget becomes really important. India projects itself as a soft power, in this regard Budget gets very important for our relations with other countries. We signed a trade deal with EU, that is very important. As far as the domestic economy is concerned, govt is focussing a lot on shipping industry. I expect a lot of things related to that this time. There is great development in infrastructure too," the passenger told news agency ANI.

Finance minister Nirmala Sitharaman was seen outside the ministry with her team and the Budget tablet.

Union finance minister Nirmala Sitharaman is set to present the Union Budget for FY 2026-27 on Sunday at 11 am. She will be presenting her ninth consecutive budget, with high expectations around reforms and planned government expenditure.

Key things expected in Budget 2026:

• Experts expect this year's budget to focus on reducing government debt to a range of 49 per cent to 51 per cent of gross domestic product.
• Focus on long-term capital gains: Taxpayers will watch out for a rise in the threshold of long-term capital gains (LTCG) tax and an expansion of the rebate under Section 87A, which deals with income tax rebates to resident Indians.
• India is expected to ease conditions for foreign investment in defence units, since the defence ministry seeks a 20% increase in military spending, as per Reuters.
• There are expectations that the Union Budget 2026-27 could announce a rise in the standard deduction.
• The Federation of Indian Export Organisations wants lower import duties on relevant inputs for several export-oriented industries, including electronic parts and textiles, to boost domestic manufacturing.
• Experts are also expecting tax relief and better ease of doing business, which is expected to frame a favourable environment for the growth of the Indian economy through stronger private sector investment.

Read full report here

The old tax regime is beneficial to people:

• Who have significant investments in tax-saving instruments.
• Those with high deductions and exemptions, like medical insurance, home loans, and children's education expenses.
• And those who prefer the flexibility to structure their finances around various tax-saving avenues.