Move 30% tax slab to Rs 40 lakh income: Four compelling reasons why Budget 2026 should revise 30% tax slab in new income tax regime

From an income tax perspective, the new Income Tax Act, 2025, scheduled to be effective from 1 April, 2026, simplifies language, removes obsolete provisions and consolidates and restructures provisions. While the law itself does not overhaul the individual tax regime, there are always expectations from individual taxpayers before every Budget.