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Budget 2026 update: No change in Income Tax slabs? Check details
Budget 2026 update: No change in Income Tax slabs? Here’s what you need to know
In Budget 2026, the Finance Minister chose to keep income tax slabs unchanged under both the old and the new tax regimes for the Financial Year 2026–27 (Assessment Year 2027–28).
New Delhi: Every year, when the Union Budget is presented, one question tops the mind of salaried individuals and middle-class families alike: what has changed in income tax slabs? Budget 2026 was no exception. As Finance Minister Nirmala Sitharaman unveiled the proposals for the Financial Year 2026–27, taxpayers across the country were keenly watching for one key announcement: a possible increase in income tax limits that could put more money in their pockets. But did the government actually revise the tax slabs this time, or were expectations left unmet? Let's take a closer look.
In Budget 2026, the Finance Minister chose to keep income tax slabs unchanged under both the old and the new tax regimes for the Financial Year 2026–27 (Assessment Year 2027–28). In simple terms, taxpayers will continue to pay tax according to the same income brackets and rates that were in place earlier. There has been no increase in income limits and no revision in tax rates this time.
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Income up to Rs 4,00,000 – Nil
Income from Rs 4,00,001 to Rs 8,00,000 – 5 per cent
Income from Rs 8,00,001 to Rs 12,00,000 – 10 per cent
Income from Rs 12,00,001 to Rs 16,00,000 – 15 per cent
Income from Rs 16,00,001 to Rs 20,00,000 – 20 per cent
Income from Rs 20,00,001 to Rs 24,00,000 – 25 per cent
Income above Rs 24,00,000 – 30 per cent
One of the biggest highlights of the new tax regime is the tax rebate benefit. If your total income is up to Rs 12 lakh in a financial year, you don't have to pay any income tax. This is because of a rebate of up to Rs 60,000 available under Section 87A of the Income Tax Act, 1961, which effectively brings your tax liability down to zero.
For salaried individuals, there's an added advantage. A standard deduction of Rs 75,000 is available under the new regime. This means that if your annual salary is up to Rs 12.75 lakh, your taxable income can come down to Rs 12 lakh, making it completely tax-free after applying the rebate.
Under the old tax regime, income tax rates differ depending on the age of the taxpayer. The higher your age, the higher the basic exemption limit you get. Here's a simple breakdown:
1) Individuals Below 60 Years
Income up to Rs 2,50,000 – Nil
Income from Rs 2,50,001 to Rs 5,00,000 – 5 per cent
Income from Rs 5,00,001 to Rs 10,00,000 – 20 per cent
Income above Rs 10,00,000 – 30 per cent
2) Senior Citizens (60 Years to Below 80 Years)
Income up to Rs 3,00,000 – Nil
Income from Rs 3,00,001 to Rs 5,00,000 – 5 per cent
Income from Rs 5,00,001 to Rs 10,00,000 – 20 per cent
Income above Rs 10,00,000 – 30 per cent
3) Super Senior Citizens (80 Years and Above)
Income up to Rs 5,00,000 – Nil
Income from Rs 5,00,001 to Rs 10,00,000 – 20 per cent
Income above Rs 10,00,000 – 30 per cent
As there has been no change in income tax slabs, taxpayers will have to carefully assess which tax regime suits them better, the old or the new one. The right choice will depend on factors such as your total income, the deductions and exemptions you claim, and your overall financial goals.
Source: ZeeNews
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