Union Budget 2026 Live: What will the middle class get today? Income Tax & Slabs Updates

Union Budget 2026 Live: What will the middle class get today? Income Tax & Slabs Updates

Today is February 1, 2026, and Finance Minister Nirmala Sitharaman is about to present the budget in Parliament. This is a very important budget for the Modi government's current term.

The entire country's attention is focused on just two things—inflation and income tax. Will your wallet be lighter or heavier today? Let's find out the 5 big things to expect from today's budget.

1. Income Tax Relief & Tax Slab Changes 📄

The biggest expectation of the middle class is tax relief.

New Tax Regime: Currently, there is no tax on income up to ₹7 lakh. It is expected that this limit may be increased to ₹8 lakh or ₹9 lakh.

Standard Deduction: For salaried individuals, this may be increased from ₹50,000 to ₹75,000 or ₹1 lakh.

[IMAGE HERE 1 Income Tax Slab Chart or Money Image]

2. What will become cheaper and what will become more expensive? 📉📈

Like every year, the prices of some things will change this time too.

Cheaper: Mobile phone parts, TVs, electric vehicles (EVs), and artificial jewelry may become cheaper.

More Expensive: Taxes on cigarettes, alcohol, and imported luxury items may increase.

3. Gifts for Women and Farmers 👩‍🌾

Lakhpati Didi: The government may expand the scope of the "Lakhpati Didi" scheme for women.

Kisan Samman Nidhi: The ₹6000 honorarium given to farmers may be increased to ₹9000 or ₹12000.

4. Jobs & Youth Employment 🎓

For the youth, the government may announce new funds under Startups and Skill India. If you work online (Freelancing/Youtubing), the internet infrastructure will be further strengthened under Digital India.

[IMAGE HERE 2 Parliament House or Budget Briefcase]

Conclusion

The budget speech will begin at 11 AM. As soon as new announcements are made, we will update this post. Do you want to know how to grow your money if you save on taxes? Then check out our [YouTube Money Calculator]!