Budget 2026, Feb. 1 -- Six years ago, Budget 2020 introduced a new tax regime offering lower tax rates to taxpayers who were willing to forego deductions and exemptions. Three years later, in Budget 2023, the government made it the default regime. Since then, each successive year has seen the new tax regime become more appealing, with reduced income tax rates, while the old regime remained unchanged.

In Budget 2025, the government went a step further, offering zero tax for individuals earning up to Rs.12 lakh under the new regime. This move significantly widened its appeal, sparking speculation that the old tax regime may soon be phased out or made redundant.

As Budget 2026 is tabled today, all eyes are on Finance Minister Nirmala Sitha...