Budget 2026 arrives at a pivotal moment. With the Income Tax Act, 2025, set to take effect from 1 April 2026, this year’s Budget should focus less on headline-grabbing tax rate changes and more on ensuring a smooth transition to the new law. Like earlier budgets, Budget 2025 nudged taxpayers towards the new tax regime through rationalised rates and fewer deductions. By 31 July 2024, 72.8 million income tax returns had been filed, of which 72% were under the new regime. Budget 2026 should be remembered not for rate cuts, but for making the new law work—and making India win.

Source: Mint January 23, 2026 13:51 UTC