Budget 2026: Income tax slabs are likely to be revised in the Union Budget 2026. Experts believe there are calls to raise the 30% tax slab limit to ₹35 lakh or ₹50 lakh…
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Budget 2026 Income Tax Slabs: The upcoming Union Budget 2026 is expected to bring significant good news to middle- and upper-income taxpayers. Following the tax-free exemption of salaries up to ₹12.75 lakh in the previous budget, discussions have intensified regarding raising the 30% tax slab limit. Experts believe that the budget, to be presented on February 1st, may introduce significant changes to the tax structure, reducing the burden on the middle class.
Middle Class Expectations
Calls for a revision of income tax slabs have gained momentum ahead of the Union Budget. The new tax regime imposes zero tax on income up to ₹12 lakh, and those earning up to ₹12.75 lakh are fully exempt from standard deductions and other benefits. Benefits are also expected in the 30% tax slab.
To illustrate, if a person earns ₹20 lakh annually, they currently receive tax savings of approximately ₹1.3 lakh. However, there is a growing demand that the 30% tax slab, which currently applies to incomes above ₹24 lakh, be raised to ₹35 lakh or even ₹50 lakh.
This year, the middle class’s ‘wishlist’ includes several significant changes. Let’s find out.
Raising the threshold for the 30% slab to ₹35 lakh will provide relief to the middle-upper class.
There are calls for doubling the standard deduction from ₹75,000 to ₹1.5 lakh.
There are calls for reducing surcharge rates.
There are also talks about including deductions such as medical insurance, house loan EMIs, and children’s education in the new regime.
When will the Budget Session begin?
Parliamentary Affairs Minister Kiren Rijiju said on Friday that the Budget Session of Parliament will begin on January 28 and continue till April 2. The Budget Session will begin with President Draupadi Murmu’s address to the joint sitting of both Houses in the Lok Sabha. Finance Minister Nirmala Sitharaman will present the Economic Survey and the Union Budget.
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