Union Budget 2026: Check updates in income tax rates, slabs as Finance Minister Nirmala Sitharaman presents Income Tax Slabs. The Finance Minister has announced that there will be no change in income tax rates, slabs. Here are all the details you need to know about what the Finance Minister Nirmala Sitharaman has said about income tax rates and slabs.
Union Budget 2026: Check updates in income tax rates
Income up to ₹2,50,000 – Nil
₹2,50,001 to ₹5,00,000 – 5%
₹5,00,001 to ₹10,00,000 – 20%
Income above ₹10,00,000 – 30%
Union Budget 2026: What are the New tax regime?
Income up to ₹4 lakh – Nil
₹4 lakh to ₹8 lakh – 5%
₹8 lakh to ₹12 lakh – 10%
₹12 lakh to ₹16 lakh – 15%
₹16 lakh to ₹20 lakh – 20%
₹20 lakh to ₹24 lakh – 25%
Income above ₹24 lakh – 30%
Highlights of the Union Budget 2026-27 presented by Finance Minister Nirmala Sitharaman in the Lok Sabha.
* No change in Income Tax rates
* Securities Transaction Tax (STT) raised on futures and options (F&O) to 0.05 pc and 0.15 pc
* TCS on sale of overseas tour packages slashed to 2 pc
* TCS on overseas education, medical expenses under LRS (Liberalised Remittance Scheme) cut to 2 pc
* New Income Tax Act, 2025, to be implemented from April 1; rules, forms to come soon
* ITR filing date for non-audit businesses extended by a month till August 31
* Tax holiday up to 2047 for any foreign company for providing services globally from data centres in India
* Fiscal deficit pegged at 4.3 pc of GDP in FY27, lower than 4.4 per cent in FY26
* Debt-to-GDP to be cut to 55.6 pc from 56.1 pc in the current fiscal year
* Total Budget size at Rs 53.5 lakh crore
* Govt capital expenditure hiked to Rs 12.2 lakh crore from Rs 11.11 lakh crore in FY26
* Rs 1.4 lakh crore to be devolved to states as tax share.
* Net tax receipts estimated at Rs 28.7 lakh crore
* Gross market borrowings estimated at Rs 17.2 lakh crore
(With PTI inputs)
