Income Tax Slabs Budget 2026 Live Updates: Revised ITR Filing Deadline Extended, No Change in Tax Slabs
Income Tax Slabs Budget 2026 Live Updates: Finance Minister Nirmala Sitharaman presented the Union Budget 2026 in Parliament today, marking her ninth consecutive Budget. While expectations were high for income tax relief, the Finance Minister did not announce any changes to the existing income tax slabs under either the old or new tax regime.
During her Budget speech, FM Sitharaman focused on a series of structural and administrative reforms aimed at improving compliance and ease of living for taxpayers. One of the key income tax-related announcements was the extension of the deadline for filing revised Income Tax Returns (ITR) to March 31, subject to payment of a nominal fee.
Ahead of the Budget presentation, FM Sitharaman followed tradition by visiting the Finance Ministry at Kartavya Bhavan and meeting President Droupadi Murmu.
Budget 2026: Income Tax Slabs Remain Unchanged
Despite widespread anticipation, Budget 2026 did not introduce any revisions to income tax slabs. Taxpayers can continue to choose between the old tax regime, which allows deductions and exemptions, and the new tax regime, which offers lower rates with fewer exemptions.
Income Tax Slabs – Old Tax Regime
Income up to ₹2,50,000 – Nil
₹2,50,001 to ₹5,00,000 – 5%
₹5,00,001 to ₹10,00,000 – 20%
Income above ₹10,00,000 – 30%
Income Tax Slabs – New Tax Regime
Income up to ₹4 lakh – Nil
₹4 lakh to ₹8 lakh – 5%
₹8 lakh to ₹12 lakh – 10%
₹12 lakh to ₹16 lakh – 15%
₹16 lakh to ₹20 lakh – 20%
₹20 lakh to ₹24 lakh – 25%
Income above ₹24 lakh – 30%
Key Takeaway for Taxpayers
While there is no direct income tax relief through slab changes, the extension of the revised ITR filing deadline provides additional flexibility for taxpayers to correct errors and update disclosures.
Stay tuned for the latest Union Budget 2026 updates and detailed tax analysis.
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