Union Budget Expectations 2026 Live Updates: Just 1 DAY Left - Will FM Sitharaman Deliver Last-Minute Tax Relief for Salaried Class, Seniors, Homebuyers and Savers?
Published on: Jan. 31, 2026, 3:13 p.m. | Source: Times Now
Budget Expectations 2026 Live Updates: The countdown to Union Budget 2026 has entered its final hours, and the focus has once again shifted to income tax relief for the middle class. Finance Minister Nirmala Sitharaman is set to present the Budget tomorrow, February 1, and salaried taxpayers, retirees, and investors are watching closely for key announcements.Last year’s Budget reshaped the tax landscape under the new tax regime, making income up to ₹12 lakh tax-free, raising the standard deduction to ₹75,000, and increasing the Section 87A rebate to ₹60,000. While these changes benefited those who opted for the new regime, taxpayers under the old tax regime saw no relief, with deductions such as Sections 80C, 80D, home loan interest (Section 24b), and NPS benefits remaining unchanged for years.As Budget 2026 approaches, questions loom large:Will the old tax regime finally be phased out or given a final overhaul?Will the government allow select deductions within the new regime to attract savers, homeowners and senior citizens?Could there be targeted relief for retirees and healthcare expenses?Beyond rates and slabs, taxpayers are also hoping for simpler compliance, faster refunds, fewer tax notices, and fixes for recurring issues such as AIS mismatches, TDS errors and delayed ITR processing.While a sweeping tax overhaul may be off the table, Budget 2026 is widely expected to focus on clarity, predictability and ease of compliance, making tomorrow’s income tax announcements among the most closely watched of this Budget season., Business News, Times Now
