Union Budget 2026 LIVE: All Eyes on Income Tax Relief, Key Announcements As Nirmala Sitharaman Unveils Record 9th Budget

Prime Minister Narendra Modi arrived at Parliament to chair a crucial Union Cabinet meeting to review the Union Budget 2026-27. The meeting, which began around 10:00 AM, is the final formal step before the Budget presentation. 

After the Cabinet discussion, Finance Minister Nirmala Sitharaman is scheduled to head to the Lok Sabha to present her ninth consecutive Union Budget at 11:00 AM, marking a rare Sunday Budget presentation.

Union Budget 2026 LIVE: Union Finance Minister Nirmala Sitharaman, accompanied by MoS Finance Pankaj Chaudhary and senior officials, arrives at Parliament ahead of the presentation of the Union Budget 2026.

Union Budget 2026 LIVE: Union Finance Minister Nirmala Sitharaman called on President Droupadi Murmu at Rashtrapati Bhavan ahead of presenting her ninth consecutive Union Budget in Parliament today.

Union Budget 2026 LIVE: The Centre is expected to fast-track regulatory reforms by easing compliance to support the Viksit Bharat 2047 vision. Economists see GDP growth at 6.5-7% in FY27, with inflation near RBI’s 4% target, while the Economic Survey projects growth of 6.8-7.2% in FY27 after 7.4% in FY26.

The Union Government is expected to present a Rs 54.1 lakh crore Budget for FY 2026–27, marking a 7.9% year-on-year growth, according to a report by Sunidhi Securities & Finance Ltd.

The report notes that Total Expenditure (TE) a key indicator of fiscal intent, averaged 14.8% of GDP during FY23–FY25. While FY26 Budget Estimates pegged TE at Rs 50.65 lakh crore (14.2% of GDP), revised estimates suggest spending could moderate to Rs 50.15 lakh crore (14.0% of GDP) amid weaker nominal GDP growth and lower revenue buoyancy.

Union Budget 2026 LIVE: Finance Minister Nirmala Sitharaman, along with her team, is seen outside the Ministry of Finance carrying the traditional 'Digital Bahi-Khata'. She is scheduled to present the Union Budget 2026 in the Lok Sabha at around 11 AM today.

Union Budget 2026 LIVE: India's fiscal situation is under pressure due to GST and income tax relief measures, affecting revenue. FY26 net tax collections are projected at Rs 28.3 lakh crore. To fill the gap, the government anticipates Rs 50,000 crore from divestments and a potential RBI dividend of up to Rs 3 lakh crore. Achieving Budget targets will necessitate increased tax receipts in the last four months, with revenue shortfalls managed through careful spending adjustments, maintaining a 4.4% fiscal deficit target.

Union Budget 2026 LIVE: Under Section 87A, taxpayers with total income up to Rs 7 lakh (as per the new tax slabs in Budget 2026) will continue to get full rebate, reducing their tax liability to zero. This move provides direct relief to middle-class households under the revised income tax regime.

Union Budget 2026 LIVE: Union Finance Minister Nirmala Sitharaman arrives at Kartavya Bhawan, ready to present the Union Budget 2026‑27 in Parliament.

Union Budget 2026 LIVE: Indian shares are set to open higher in a special trading session ahead of the federal budget on Sunday as investors look for cues on support for growth from government capital spending and relief for export-oriented sectors hit by U.S. tariffs.

Union Budget 2026 LIVE: Republic Media Network in collaboration with Sarvam AI  is all set deliver Finance Minister Nirmala Sitharaman’s Budget2026 speech with real-time LIVE translation in Hindi and Kannada.

Union Budget 2026 LIVE: Minister of State for Finance Pankaj Chaudhary arrives at the Ministry of Finance as preparations are underway for Finance Minister Nirmala Sitharaman to present the Union Budget 2026 in Parliament today.

Union Budget 2026 LIVE: Finance Minister Nirmala Sitharaman to present a statement of the estimated receipts and expenditure of the Government of India for the year 2026-27.

Union Budget 2026 LIVE: Prime Minister Narendra Modi stated that India's tax reforms prioritize national interests over crisis response, easing the burden on middle-income earners. In Budget 2025, he noted that previous high tax rates on Rs 12 lakh income have reduced to negligible liabilities through revisions and rebates.

Union Budget 2026 LIVE: Individuals can calculate their income tax via the Tax Calculator on the Income Tax Department's website.

First, visit the e-filing homepage, select Quick Links, and choose the tax calculator. Click the link to access the Income and Tax Calculator page, where you can select either the Basic or Advanced Calculator. In the Basic Calculator, enter details like Assessment Year, taxpayer category, age, residential status, annual income, and deductions to view your Tax Summary. For the Advanced Calculator, input additional details such as preferred tax regime and submission dates.

Union Budget 2026 LIVE: Raising the standard deduction to Rs 1 lakh will enhance take-home salaries under the new 2026 tax regime, allowing salaried taxpayers to earn Rs 13 lakh tax-free.

Union Budget 2026 LIVE: Ahead of the Budget speech, the comparison between the old and new tax regimes continues to dominate discussions. While the old regime allows deductions, the new regime’s lower slab rates are expected to appeal to younger professionals who prefer simplicity over exemptions.

Union Budget 2026 LIVE: Tax professionals and consumer groups have urged the government to increase the Section 87A rebate threshold, which currently provides relief only up to a certain annual income. A higher threshold could mean direct relief for millions of income taxpayers.

Union Budget 2026 LIVE: Salaried taxpayers and tax experts are expecting Budget 2026 to raise the basic exemption limit and widen slab ranges at lower levels, a move seen as essential given rising living costs and inflationary pressures. There is also demand for an enhanced standard deduction beyond the current Rs 75,000.

Union Budget 2026 LIVE: The new tax regime before Budget 2026 offered a simpler structure with no tax up to Rs 3 lakh, followed by progressive rates: 5% up to Rs 6 lakh, 10% up to Rs 9 lakh, 15% up to Rs 12 lakh, 20% up to Rs 15 lakh and 30% beyond. Taxpayers opting for this regime forewent most exemptions.

Union Budget 2026 LIVE: Under the old tax regime prior to Budget 2026, the basic exemption limit was Rs 2.5 lakh, followed by 5% tax up to Rs 5 lakh, 20% up to Rs 10 lakh, and 30% on income above Rs 10 lakh. Taxpayers could claim deductions such as Section 80C (Rs 1.5L), 80D (medical), HRA, LTA and more.

Union Budget 2026 LIVE: With Finance Minister Nirmala Sitharaman set to present Budget 2026 today, income tax slab changes, enhanced rebates and possible increases in the basic exemption limit are among the most expected proposals. Middle-income taxpayers are awaiting clarity on measures that could boost disposable income.

Union Budget 2026 LIVE: Indian equity markets are open for trading today as Budget 2026 unfolds. Investors are tracking early reactions from the Sensex and Nifty on expectations around tax relief, fiscal measures and growth-oriented spending.