As Union Budget 2026 approaches, taxpayers’ expectations are increasing. This time the discussion is not limited to just tax relief, but also focuses on faster refunds, fewer notices and easy compliance. The main reason for this is the New Income Tax Act, which is going to be implemented from April 2026 and whose roadmap will be decided by Budget 2026. The old Income Tax Act 1961 had become the cause of huge compliance and litigation over time due to complex amendments and outdated provisions. The new law will be based on simple language, streamlined structure and digital-first processes. The Tax Year concept will end years of confusion and will further strengthen faceless systems. However, experts believe that real relief will depend more on administrative decisions than policy. Now the eyes of taxpayers are completely fixed on Budget 2026.

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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Union Budget 2026: The BJP government at the Center is busy preparing the general budget for the year 2026. Indications are that the Union Budget 2026 will be presented in Parliament on February 1 as per the schedule. Even though that day falls on Sunday, there is no change in this as of now.

According to the information received from media reports, work is going on in full swing in the Finance Ministry and related departments to finalize the proposals and figures related to the budget.

Eyes fixed on the date of budget session

The government has not yet made any formal announcement regarding the budget session of Parliament. Information about when the session will start and for how many days it will last will be available only after the notification is issued.

In such a situation, along with MPs, businessmen and investors are also waiting for this announcement. So that they can make their further strategy and preparations.

When will the budget be presented?

The budget is presented by the government every year on 1 February. However, this year 1st February is falling on Sunday. In such a situation, there is doubt regarding the date of presentation of the budget. However, it is expected that the government will continue this tradition and present the budget on February 1 itself. Even though it is Sunday, the government can give priority to presenting the budget on time.

Finance Ministry busy in final preparations

Final preparations are being made by the Finance Ministry regarding the budget. The final draft of the budget is being prepared by combining the data and suggestions received from different departments. Emphasis is being laid by the Ministry to complete the preparations at the right time.

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India’s Fiscal Deficit: The fiscal deficit of the central government has increased to Rs 9.76 lakh crore by the end of November, which is 62.3 percent of the annual budget target set for the financial year 2025-26, whereas this figure was 52.5 percent in the same period last year. The government has estimated the fiscal deficit for the current financial year to be 4.4 percent of the Gross Domestic Product (GDP) i.e. Rs 15.69 lakh crore.

increase in fiscal deficit

According to the data of the Comptroller and Auditor General (CAG), the total income of the central government till November 2025 was Rs 19.49 lakh crore, which is 55.7 percent of the total budget estimate. Of this, Rs 13.94 lakh crore was received from tax revenue, Rs 5.16 lakh crore was received from non-tax revenue and Rs 38,927 crore was received as non-debt capital receipts. During the same period, the central government transferred Rs 9.36 lakh crore as share in taxes to the states, which is Rs 1.24 lakh crore more than last year.

The total expenditure of the central government till November stood at Rs 29.26 lakh crore, which is 57.8 percent of the annual budget estimate, which includes Rs 22.67 lakh crore revenue expenditure and Rs 6.58 lakh crore capital expenditure. The largest share in revenue expenditure was on interest payments, on which Rs 7.45 lakh crore was spent, while Rs 2.88 lakh crore was spent on subsidies.

What do experts say

Responding to these figures, ICRA Chief Economist Aditi Nair said that in the current financial year, the gross tax revenue of the central government is likely to be short by about Rs 1.5 lakh crore as compared to the budget estimate, but this shortfall can be compensated by better performance of non-tax revenue and savings in revenue expenditure, due to which the risk of exceeding the fiscal deficit target seems to be limited at present.

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