Income Tax Slab, Budget 2026: No Tax Slab Change, ITR 1 And 2 Revision Deadline Extended Till March 31

The proposed Union Budget 2026-27 reflects a growing understanding of the sports sector as both a social and economic growth engine. The government demonstrates its commitment to building permanent sports facilities through its budget increase from Rs 3,900 crore to Rs 4,500 crore which will support Khelo India Mission programs during the next ten years. The government announces a major initiative to support SMEs and Micro enterprises through a growth fund worth Rs10,000 crore and Rs 20,000 crore respectively which will enable sports apparel and equipment manufacturers like us to achieve substantial business growth. These enterprises play a critical role in job creation, innovation, affordability and enhance operational capabilities so that we can compete in international markets. At the same time, the 10-year Khelo India Mission ensures that talent development, coaching, infrastructure, and competitions grow in parallel. This integrated approach recognises that a strong sports culture needs both athletes and industry support. If policy execution remains consistent, Budget 2026 could mark a turning point for India’s sports and fitness economy.

Union Budget 2026 sets a strong foundation for India’s textile and apparel sector by clearly linking manufacturing growth with employment and MSME empowerment. The proposed Rs 10,000 crore MSME Growth Fund together with the Rs 2,000 crore top-up for micro enterprises. This will transform the financial situation of small and mid-sized textile units which face difficulties in obtaining funds.

The integrated programme for the labour-intensive textile sector shows a long-term approach through its National Fibre Scheme and Textile Expansion and Employment Scheme initiatives which focus on technology upgradation and cluster modernisation measures such as mandatory use of TReDS, credit guarantees for invoice discounting, and better integration with GeM will significantly improve liquidity and ease of doing business.The Budget together with SAMARTH 2.0 skilling programs and the establishment of mega textile parks will enhance India's status as a dependable international sourcing center while providing economic benefits to artisans and weavers and MSMEs in Tier II and Tier III areas.

“This Budget balances the strategic ambitions of Viksit Bharat with fiscal discipline, at a time when many global economies are pursuing looser fiscal paths. The focus on future-facing sectors such as biopharma, electronics and semiconductors, GCCs, and data centres aligns with India’s long-term priorities and should attract stable, high-quality FDI. Targeted MSME support will help protect employment and sustain growth. Measures to deepen NRI participation, broaden fixed-income markets through stronger corporate and municipal bond frameworks, simplify foreign investment rules, and enhance IFSC competitiveness are constructive for long-term capital allocation. While the STT hike affects near-term F&O sentiment, broader market impact remains limited, with fiscal assumptions staying prudent.”

• India's Union Budget 2026-27 prioritizes MSMEs as engines of jobs and exports, contributing 45 per cent to India's outbound shipments.
• Key move: Doubled CGTMSE guarantee to Rs 10 crore for micros/small units, unlocking Rs 1.5 lakh crore credit over five years at just 1 per cent fee.
• Startups and exporters get Rs 20 crore cover, easing scaling without collateral hassles.
• MSME credit cards up to Rs 5 lakh via Udyam portal target 10 lakh first-timers, streamlining access for the smallest players.
• Investment/turnover thresholds hiked 2.5x, helping firms grow without losing benefits.
• Rs 10,000 crore Fund of Funds fuels startups; special scheme aids 5 lakh women/SC/ST entrepreneurs with Rs 2 crore loans.
• Sector boosts for footwear (22 lakh jobs), toys, coir, leather via clusters, Mudra, TReDS, and SFURTI modernization.
• Performance shines: MSME credit up 21.8 per cent YoY to November 2025; 5.93 crore units registered.
• ECLGS extended to renewables/logistics; interest rates around 12.27 per cent remain competitive.
• Overall, transformative for formalization and growth, though execution on delays and skills will decide long-term wins.

Union Minister Jitan Ram Manjhi praised the Union Budget 2026, calling it "historic" for MSMEs, highlighting an increased allocation from Rs 23,168 crore to Rs 24,566 crore. He emphasized that MSMEs are crucial to India's economic growth, playing a key role in the country’s ambition to become the world’s third-largest economy by 2030.

"This year’s budget felt like a clear shift towards building long-term foundations over short-term wins. The focus on capex, jobs, AI, IT, and manufacturing shows intent, not optics. Even with global uncertainty, India is probably the only large economy expecting 7% growth. On AI, the intent is now turning into action. A high-powered committee is looking at how AI will impact jobs and skills, with a clear aim of helping India move towards a 10% share of global services exports by 2047. This is backed by real investment, with about Rs 1,000 crore earmarked under the IndiaAI Mission for FY 2026–27, along with earlier commitments like the Rs 500 crore Centre of Excellence in AI for education. Add to this tax breaks for data centers, higher safe harbour limits for IT companies up to Rs 2,000 crore in turnover, and a long-term focus on nuclear energy to power AI-scale needs. We are not just talking about the AI opportunity anymore. We are building for it."

“Given the challenging macroeconomic environment, this is a broadly reasonable budget. The most notable positive is the government’s ability to maintain a fiscal deficit of 4.4 percent of GDP despite meaningful tax cuts. This signals fiscal discipline rather than cosmetic accounting. Government expenditure as a share of GDP continues to decline, from 13.9 percent this year to a projected 13.7 percent next year, reinforcing the consolidation path. The stated intent to reduce the central government debt to GDP ratio to 55 percent over time is also welcome and long overdue. The increase in defence capital expenditure is another positive, although given the depreciation of the rupee and India’s import dependence in defence, a larger real increase would have been justified.

That said, there are three concerns. First, fiscal consolidation has been partly achieved by sharply cutting capital grants to states, by over ₹1 lakh crore in FY 2025–26. Second, the increase in the Securities Transaction Tax is defensible in isolation, but it contradicts the original logic of STT as a substitute for capital gains taxation. India now has both high capital gains taxes and a rising STT, which distorts market incentives. Third, while the budget acknowledges innovation, it remains largely silent on the creation of high-quality human capital. Without sustained investment in advanced skills, research, and higher education, innovation policy will remain rhetoric rather than reality.”

The Election Commission of India (ECI) has been allocated Rs 382.22 crore for the 2026–27 financial year, compared to Rs 304.98 crore in the 2025–26 Budget.

Out of the total Rs 382.22 crore, an amount of Rs 367.69 crore has been earmarked for election-related expenditure, while the remaining funds will be used for the Commission’s administrative and operational expenses.

Prime Minister Narendra Modi on Sunday called the Union Budget 2026-27 as "historic", saying it reflected the aspirations of 140 crore Indians and strengthened the reform journey and charts a clear roadmap for Viksit Bharat.
In his televised post-budget comments on the Budget, presented by Union Finance Minister Nirmala Sitharaman in Lok Sabha, Modi also said the budget was a "highway of opportunities".

"Today's budget is historic. It reflects the aspirations of 140 crore Indians. It strengthens the reform journey and charts a clear roadmap for Viksit Bharat," he said.

Income Tax Slab announcement 2026 Live Updates: In the Union Budget, the Centre has allocated Rs 7.84 lakh crore to the Ministry of Defence for the upcoming financial year. The budget for defence in the previous financial year was Rs 6.81 lakh crore.

Income Tax Slab announcement 2026 Live Updates: Union Home Minister Amit Shah lauded the Union Budget 2026, calling it an embodiment of India forging its new identity as an "emerging economic power centre" and said that it furthers the momentum to bolster the country's global standing. 

Income Tax Slab Expectations FY 2026-27 Live Updates: Union Finance Minister Nirmala Sitharaman proposed an outlay of Rs 20,000 crores over the next 5 years for Carbon Capture, Utilisation and Storage (CCUS) technologies to scale up and increase readiness in end-use applications.

Income Tax Slab Expectations FY 2026-27 Live Updates:

• Income Tax Act, 2025, to be implemented from April 1; rules and tax returns forms to be notified shortly: Sitharaman.
• FM Proposes rule-based automated process for small taxpayers in FY27 Budget: Sitharaman.
• FM proposes to increase the time limit for filing revised I-T return from December 31 to March 31, on payment of a nominal fee.
• Govt proposes to exempt award given by Motor Accident Claims Tribunal from income tax, says FM.
• Tax Collected at Source (TCS) rate on sale of overseas tour packages cut to 2 pc from 5 pc and 20 pc earlier: FM.
• Govt proposes a reduction in TCS rate for pursuing education and medical education under liberalised remittance scheme from 5 pc to 2 pc.
• FM proposes a six-month foreign asset disclosure scheme for small taxpayers like students, tech professionals and relocated NRIs.

Income Tax Slab announcement 2026 Live Updates: The Finance Minister has extended the deadline for filing the revised Income Tax Return 1 and 2 to March 31.

Budget 2026, Income Tax Slab Expectations Live Updates: Finance Minister Nirmala Sitharaman has announced an exemption of tax on life insurance claims, in a major releif for citizens. 

Income Tax Slab announcement 2026 Live Updates: New Income Tax Act will take effect from April 1, the Finance Minister announced in the budget speech.

Income Tax Slab Expectations FY 2026-27 Live Updates: The Finance Minister has announced to set up one girls' hostel in every district of the country in the Union Budget 2026

Income Tax Slab Expectations FY 2026-27 Live Updates: Finance Minister Nirmala Sitharaman has said that 7 new high speed rail corridors will be built in the country, which will be built between Mumbai to Pune, Pune to Hyderabad, Hyderabad to Bengaluru, Hyderabad to Chennai, Siliguri to Varanasi.

Income Tax Slab Expectations FY 2026-27 Live Updates: A ship repair ecosystem catering to inland waterways will be set up at Varanasi and Patna, Finance Minister Nirmala Sitharaman said.

Income Tax Slab announcement 2026 Live Updates: In her budget speech, FM Sitharaman announced BioPharma Shakti (BioPharma Strategy for Health Advancement through Knowledge, Technology and Innovation). She also announced the government's plan to develop the country as a global biopharma manufacturing hub.

Income Tax Slab announcement 2026 Live Updates: Finance Minister Nirmala Sitharaman has announced the Capex at Rs 12.2 lakh crore, an increase of about Rs 1 lakh crore from last year's budget. In the Union Budget 2025, the capex was at Rs 11.21 lak crore.   

Budget 2026, Income Tax Slab Expectations Live Update: The announcement of Mahatama Gandhi Handloom Scheme, a mega textile park and textile reforms have been made in the Union Budget 2026 as a major push for the industry.

Income Tax Slab Expectations FY 2026-27 Live Updates: Here are key budget allocations announced by Nirmala Sitharaman:

• Rs 10,000 Crore for Biopharma
• Rs 40,000 Cr for health
• Rare Earth Corridor
• Rs 10000 Cr for container manufacturing

Income Tax Slab announcement 2026 Live Updates: Finance Minister Nirmala Sitharaman has listed three focus areas of the budget:

• Strategic development of infrastructural areas
• Strengthening MSME and Biopharma
• Make India a Biopharma Hub

Income Tax Slab Expectations FY 2026-27 Live Updates: Under the old tax regime, a popular tax exemption comes through Section 80C. Its limit is Rs 1.5 lakh, which is being demanded to be lifted up further. It is expected that an announcement be made on it.

Budget 2026, Income Tax Slab Expectations Live Updates: PHDCCI Direct Taxes Committee Chair Mukul Bagla has said that no major tax relief announcement are expected in the budget. He said, "I think after last year's Budget, I don't think this year's Budget is going to be a very earth-shattering budget because a lot of tax concessions were given last year. The tax slabs were greatly rationalised last year. So, I think this year it would be more of a stable Budget. I think probably, I hope, It would be something for the salaried class or for the middle class also. But I think this time's Budget will be more about some simplification of taxes, better administration of taxes, and more or less I think it's going to be more of a stable Budget rather than anything else."

Income Tax Slab Expectations FY 2026-27 Live Updates: The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Union Budget 2026. It will be tabled by Finance Minister Nirmala Sitharaman in the Parliament at 11 AM.

Budget 2026, Income Tax Slab Expectations Live Updates: Finance Minister Nirmala Sitharaman donned a Kanjeevaram Silk Saree for the Budget Day.

ALSO READ: Check Nirmala Sitharaman's Iconic Budget Day Sarees

Income Tax Slab Expectations FY 2026-26 Live Updates: More than 300 trains, including Vande Bharat and Amrit Bharat, are likely to be announced in the Budget 2026. Finance Minister Nirmala Sitharaman will present the budget today.

ALSO READ: Union Budget LIVE Updates

Budget 2026, Income Tax Slab Expectations Live Updates: Prime Minister Narendra Modi has arrived at the Parliament to attend the Budget Session, as the Union Finance Minister will table the budget today.

Income Tax Slab Expectations FY 2026-27 Live Updates: Unlike the old regime which had higher tax rates but allowed deductions like 80C (Rs 1.5 lakh), home loan interest, education loan interest, 80D (health insurance), HRA, etc., the new regime provisions tax-free (with rebate) income up to Rs 12 lakh (Rs 12.75 lakh for salaried). In the old regime, tax-free income is up to Rs 2.5 lakh (Rs 3 lakh for senior citizens).

Income Tax Slab Announcement 2026 Live Updates: Over 50 lakh income tax returns are yet to be processed by the department. The delay in refunds has been under the discussion and is expected to find a mention in Budget speech of Finance Minister Nirmala Sitharaman.

Union Finance Minister Nirmala Sitharaman is scheduled to present her ninth consecutive Budget in the Lok Sabha today at 11 AM. 

The Union Budget speech consists of two parts:

Part A: An overview of the economy, focusing on major policy announcements, welfare schemes, reforms, infrastructure push, jobs, growth plans, and the government’s priorities.

Part B: This section focuses on tax proposals, including changes in income tax, customs duty, excise, and compliance rules.

Income Tax Slab announcement 2026 Live Updates: The stock market opened flat in the special session on the Budget Day. The equity indices, Sensex and Nifty, are trading flat in the pre-opening session. 

Income Tax Slab Expectations FY 2026-27 Live Updates: Finance Minister Nirmala Sitharaman has left for Rashtrapati Bhawan, before heading to the Parliament. Earlier, she visited the Finance Ministry.

Income Tax Slab announcement 2026  Live Updates: Current tax regime-

• Rs 0 to Rs 4 lakh: Nil
• Rs 4 to Rs 8 lakh: 5%
• Rs 8 to Rs12 lakh: 10%
• Rs 12 to Rs 16 lakh: 15%
• Rs 16 to Rs 20 lakh: 20%
• Rs 20 to Rs 24 lakh: 25%
• Above 24 lakh: 30%

Income Tax Slab Expectations FY 2026-27 Live Updates: The NPS does not include home loan tax deductions, which is concerning for taxpayers. The relief is expected by homeowners.

Budget 2026, Income Tax Slab Expectations Live Updates: A tax that is deducted before a person receives their income is called Tax Deducted at Source (TDS). For salaried employees, their respective employer deducts TDS from the salaries and deposits it with the government, which can later be claimed based on final tax caclutaions.

Income Tax Slab Expectations FY 2026-27 Live Updates: The experts have been arguing that tax slabs are not in line with inflation. The taxpayers have demanded an inflation-adjusted relief in the income tax slabs. 

Income Tax Slab announcement 2026  Live Updates: For the last two budgets, Section 87A rebate has proved to be the biggest relief for middle-class taxpayers, specially salaried professionals. If the tax slabs are changed for the third consecutive year, rebates on standard deductions will be given under 87A.

Budget 2026, Income Tax Slab Expectations Live Updates: Union Finance Minister Nirmala Sitharaman is set to present the Union Budget 2026 in the Parliament today. She will present her ninth consecutive budget.