Budget 2026 Update: The Modi 3.0 government is set to present its second full budget. Finance Minister Nirmala Sitharaman will present the budget on February 1st. All sections of society have high expectations from this full budget. Taxpayers are also likely to receive significant relief. The tax exemption limit for salaried individuals may also be increased.
Some major announcements are also expected in the agriculture and railway sectors. Although the government has not yet officially announced anything, media reports are making various claims that could benefit a large number of people.
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Income up to ₹13 Lakhs to be Tax-Free
Salaried families may receive a big gift in the Union Budget. The standard deduction under the new income tax regime is likely to be increased from ₹75,000 to ₹1 lakh. This is expected to make income up to ₹13 lakhs tax-free for salaried individuals. Currently, income up to ₹12.75 lakhs is tax-free.
The Confederation of Indian Industry (CII) has suggested to the government that it is necessary to leave more money in people’s hands to boost consumption. Increasing tax exemptions will also increase people’s purchasing power.
This will benefit the economy. The government also wants to replace the old tax regime with the new tax regime. For this, it is crucial to make the new tax regime more attractive.
Railway Infrastructure May Get a Boost
The central government may make some surprising announcements for the railway sector in the Union Budget. The number of new trains may be increased. According to sources, the government is considering operating new trains to eliminate the reservation waiting list. Currently, there is a huge demand for seats on trains, leading to long waiting lists for ticket bookings.
In this context, the government may announce more than 300 Amrit Bharat and Vande Bharat trains. In the last financial budget, the railway department was allocated ₹2.65 lakh crore. Meanwhile, the government aims to eliminate train waiting lists by 2030. Currently, there is a gap of approximately 20-25 pper centbetween demand and seat availability during peak seasons.
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Farmer Credit Card Limit May Increase
The central government may increase the limit of Kisan Credit Cards in the upcoming financial budget to appease farmers. The limit could be raised from ₹5 lakh to ₹6 lakh, representing an increase of ₹1 lakh. In the previous general budget, the government had increased the credit card limit from ₹3 lakh to ₹5 lakh.