Budget 2026: Income Tax Slabs Refresher Before Nirmala Sitharaman's Ninth Budget

• Union Budget 2026 is set for Sunday, February 1, with Finance Minister Nirmala Sitharaman beginning pre-budget consultations.
• The article provides a recap of current income tax slabs under both old and new tax regimes, highlighting their differences.
• The new tax regime, introduced in Budget 2020, became the default option in Budget 2023, increasing basic exemption to Rs 3 lakh and rebate limit to Rs 7 lakh.
• Budget 2025 further enhanced the new regime by raising the standard deduction to Rs 75,000 and basic exemption to Rs 4 lakh.
• The old tax regime offers over 70 deductions and exemptions, with separate slabs for different age groups, but generally higher rates and a higher surcharge cap.

Why It Matters: Understand current income tax slabs under old and new regimes for effective financial planning before Budget 2026.