Budget 2026 Updates: India’s eyes are on the Budget 2026, presented today, February 1, 2026. Union Finance Minister Nirmala Sitharaman is set to present the full-fledged budget for the ninth consecutive time. The budget is being presented on a Sunday. The salaried class, middle class, women, and farmers are expecting significant relief from this budget. This budget is being presented at a time when India has become the world’s fourth-largest economy. It is anticipated that some special announcements will be made for every section of society.
Her budget speech will begin at 11 AM. In the previous budget, salaried individuals received significant relief. Those earning up to approximately one lakh rupees per month were exempted from the tax slab, which directly benefited the middle class. This time too, the salaried class will be watching closely to see if there are any new changes to the tax slabs or if the government provides any additional relief.
Uttarakhand has high hopes: CM Pushkar Singh Dhami
Uttarakhand Chief Minister Pushkar Singh Dhami has expressed high hopes regarding the Union Budget to be presented on February 1. He said that the state usually receives more than expected from the central government. In a conversation with ANI, Chief Minister Dhami said, “We have already received a lot. We have high hopes for this budget as well, and usually, we get more than we expect.”
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Preparation for the expansion of the PM Internship Scheme
According to sources, the age limit for the PM Internship Scheme is being considered to be increased from 21-24 years to 18-30 years. Plans are also being made to increase the stipend and the number of companies offering internships from 500 to approximately 6000.
According to sources, the Ministry of Rural Development’s budget may see a double-digit increase in Budget 2026. The government is preparing to support rural demand by increasing spending on programs like MGNREGA, PMAY-G, and PMGSY.
Income Tax
In last year’s budget, Finance Minister Nirmala Sitharaman announced that there would be no tax on annual income up to Rs 12 lakh under the new tax regime. Salaried employees also received the standard deduction of Rs 75,000. However, many taxpayers are still outside this category and are still using the old tax regime. It is estimated that the exemption limit may be increased to Rs 12-14 lakh per annum.
TDS Deduction
In Budget 2025, the government may make a major announcement regarding TDS deduction for senior citizens. The TDS deduction limit was increased from Rs 50,000 to Rs 1 lakh. The limit for income from rent was increased from Rs 2.40 lakh to Rs 6 lakh per year. However, there is now a demand to increase it to Rs 10 lakh per year. For senior citizens, there is a demand to increase this deduction limit from Rs 1 lakh to Rs 2 lakh per year.
What announcements for farmers?
Under the PM Kisan Samman Nidhi scheme, Rs 6000 is currently given annually. Farmers hope this limit will be increased. The amount should be increased to 12,000 rupees to provide farmers with more support for their farming.