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.

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Union Budget 2026: Union with the beginning of the new year Budget 2Discussions on 026 are going on in full swing. It is expected that the Finance Minister Nirmala Sitharaman 1 Union on February, 2026 Budget present Can do. this time Budget From taxpayers Expectations have increased considerably. previous union Budget Many big changes in income tax have been made by the government in Reform It was decided to do so.

which has direct effect taxpayers It was lying on his pocket. Tax on income up to Rs 12 lakh from the central government Free It was announced to do. Let us know about this year’s union. Budget What changes are likely to occur in…

basic tax Exemption possibility of increase in

taxpayers government new tax for regimen basic tax in Exemption The limit can be increased from Rs 3 lakh to Rs 5 lakh. If this happens, income up to Rs 5 lakh people Will have to pay neither tax nor income tax Return Will need to file. causing a large number of taxpayers may get relief.

new income tax Act Will be implemented in 2025

taxpayers This year is going to be important for the Income Tax which has been in force for a long time. Act1961 is now being replaced by a new law. income tax instead Act2025 is being brought. Which will come into effect from 1 April 2026.

Regarding the new income tax laws, the central government has clearly said that they are not making fundamental changes in the tax rules. The government’s focus is on simplifying tax rules.

taxpayers will benefit directly

According to experts, income tax Act The language of 1961 was very difficult. due to which taxpayers Had to face difficulties in understanding it. Without the help of CA, it was difficult to understand all the information.

new income tax Act An attempt has been made to overcome this problem in 2025. its direct profit tax compliance Can be seen in. Due to the complexity of the language, many taxpayers To compliance It was difficult to do.

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