Budget 2026: Taxpayers Eye Big Relief from Nirmala Sitharaman's 9th Union Budget

• Nirmala Sitharaman to present Union Budget 2026 on February 1, with high taxpayer expectations.
• Income Tax Act, 2025 will replace the 1961 Act from April 1, 2026, aiming to simplify tax rules and boost compliance.
• Taxpayers expect an increase in the basic exemption limit in the new regime from 3 lakh to 5 lakh rupees.
• Anticipation for an increase in the LTCG tax-free limit for shares/equity MFs from 1.25 lakh to 2 lakh rupees.
• Previous budgets saw incomes up to 12 lakh tax-free (2025) and Capital Gains Tax reforms (2024).

Why It Matters: Taxpayers anticipate significant relief and simplification in the upcoming Union Budget 2026.