Finance Minister Nirmala Sitharaman has unveiled the nation's economic budget for 2026, which focuses on the common man, women, farmers, and youth. With a grand total of over 53 lakh crore rupees, this budget has introduced several significant provisions for the average citizen. Seven new rail corridors have been announced, and medicines for severe illnesses have been made cheaper.
However, several major announcements, anticipated to provide significant relief to the common man, remain absent from this budget. Let's delve into those key announcements that have not been provided to the general populace.
No Income Tax Relief
In the previous budget, the new income tax regime offered taxpayers the promise of zero tax on annual earnings up to 12 lakh rupees. This year, it was expected that this limit would be raised to 14 lakh rupees. However, the government has made no changes in this area.
No Changes in the New Tax Regime
Investments in schemes such as PPF, NPS, and ELSS under the new tax system were expected to receive tax exemptions. Yet, the government has not made any changes. These schemes remain entitled to exemptions only under the old tax regime, which permits up to 1.5 lakh rupees of tax exemption under Section 80C for investments made in these plans.
No Announcements for Farmers
Farmers hoped for an increase in the PM Kisan scheme's budget, raising the assistance from 6000 to 12000 rupees, but the budget remains unchanged in this regard. Moreover, no major announcements regarding crop MSP have been made.
No Relief for Senior Citizens
It was anticipated that senior citizens might receive insurance scheme support and railway concessions; however, the budget has only announced rail corridors. No changes have been made in TDS deductions for senior citizens either.
Setback for Share Market Investors
The budget has delivered a considerable blow to stock market investors. Transaction charges for F&O traders have been increased, despite expectations of a reduction. Furthermore, no changes have been made to the Long-Term Capital Gain Tax (LTCG) or the Short-Term Capital Gain Tax (STCG), with expectations that reductions might provide significant relief to investors remaining unmet.
