New Delhi, Jan. 14 -- Finance Minister Nirmala Sitharaman is set to present the Union Budget 2026 on 1 February, Sunday. Budget 2026 is especially important for taxpayers as the FM may reveal this year's tax reforms, which directly impact millions of Indians.

The government had introduced the New Tax Regime in Budget 2020, and since then it has made a number of changes to accommodate taxpayers' interests. In Budget 2025, FM Sitharaman made a grand move, lowering the income tax rates and making income effectively tax-free for those who earn up to Rs.12 lakh per annum. However, the changes were made only in the New Tax Regime.

Over the years, the government has made certain changes in the New Tax Regime to make it simpler, including tweak...