Budget 2026 income tax announcements: Finance Minister Nirmala Sitharaman presented the Union Budget 2026 on Sunday, 1 February. The speech, keenly awaited by taxpayers, offered no relief on the income tax front, disappointing salaried and middle-class taxpayers who had been hoping for cuts in tax rates or changes to income tax slabs. On the direct taxes front, the Finance Minister said the Income Tax Act, 2025, will come into effect on 1 April. Notably, there are no changes to income tax rates, the standard deduction, or tax slabs under the new regime. Income Tax Act, 2025 announcements In her Budget speech, FM Nirmala Sitharaman said that the details of the new Income Tax Act, 2025, which will come into effect on 1 April, will be notified soon.

Source: Mint February 01, 2026 10:45 UTC