Union Budget 2026: Will Old Tax Regime Be Abolished? Key Changes Expected Tomorrow

• The Union Budget 2026, to be presented on February 1, will address potential changes in income tax rules.
• The new tax regime is the default for FY 2025-26, with salaried individuals able to opt for the old regime when filing.
• New tax regime offers a standard deduction of Rs. 75,000 and a full rebate under Section 87A for incomes up to Rs. 12 lakh.
• Old tax regime remains attractive for those utilizing Section 80C, home loan interest, and health insurance deductions.
• Taxpayers await clarity on the future of the old tax regime, with discussions on its continuation, improvement, or phasing out.

Why It Matters: Taxpayers eagerly await Union Budget 2026 for clarity on the future of the old tax regime and new tax rules.