Budget 2026: The date of Budget 2026 is getting closer. Similarly, the expectations of common people are also increasing. Employees, middle class and taxpayers have a lot of expectations from this year’s budget of the Central Government. Because everyone wants relief from the government regarding decisions related to savings and expenditure.

Also, this year’s Union Budget is going to be historic in itself. Because this is the last budget to be presented under the current income tax law. The government is preparing to implement the new Income Tax Act 2025 from April 1, 2026. Which will replace the tax laws that have been in place for the last 60 years. Let us know on which fronts the common man has expectations from the government’s budget…

Expectation of tax exemption on home loan

House prices are increasing day by day. Taxpayers believe that merely changing the tax slab will not provide relief. Rather, the government should consider giving exemption on essential expenses also. Taxpayers are expecting an increase in the tax exemption of Rs 2 lakh on home loan.

Expectation of basic tax exemption

In the old tax system, taxpayers are dependent on savings schemes like PF, home loan and insurance. But now they are realizing that the current exemption limit is not enough for them. Common taxpayers are expecting an increase in the basic exemption of Rs 2.5 lakh and exemption of Rs 1.5 lakh under Section 80C.

Taxpayers are demanding that this limit should be increased to at least Rs 2 lakh, keeping in mind the children’s education and insurance expenses.

Hope to implement easy rules

It is seen that after filing the return, common people often have to wait a long time for the refund. People want to get rid of the problems of TDS matching, problems related to capital gains tax etc.

With the introduction of simple rules, the problems of taxpayers can be reduced. Currently, the rules of stock market, mutual funds and property are different. Due to which common people get very confused. Taxpayers are expecting that in this time’s budget, the government will take steps to simplify these rules.

Also read: The pace of lending is fast, but deposits are slow! Will banks now be forced to increase interest rates? Know details