Budget 2026: No Income Tax Relief, But Major Reforms for Common Person

• Budget 2026 simplifies tax rules, making filing easier, though tax exemption limits and slabs remain unchanged.
• Income up to ₹4 lakh remains tax-free; income between ₹4-8 lakh taxed at 5%, significantly reducing burden.
• Tax exemption now applies to two homes, and the TDS limit for senior citizens increased from ₹50,000 to ₹1 lakh.
• TDS will not be deducted on rent up to ₹6 lakh annually, and the updated tax return filing period extended to 4 years.
• 36 life-saving medicines are now tax-free, with heavy discounts on 37 cancer and rare disease medicines; startup tax exemption extended.

Why It Matters: Budget 2026 simplifies tax rules and offers relief in health, housing, and for seniors, despite no income tax slab changes.