Budget 2026 News: Tax relief or rate hike? The secret of the budget will break on February 1, what will the common people get?

• Union budget session starts from 1st February 2026
• In the previous budget, the government gave a big relief to the middle class by exempting income up to Rs 12 lakh
• As the financial year starts from 1st April, most of the announcements come into effect from 1st April.

Budget 2026 LIVE Updates: The Union Budget Session will begin from February 1, 2026. Union Finance Minister Nirmala Sitharaman will present the Budget 2026-27 in Parliament. This will be his ninth budget in a row. In the previous budget, the government had given a big relief to the middle class by exempting income up to Rs 12 lakh. Now, farmers, traders, tax payers and youth are all eagerly waiting to see what the budget has in store for them.
Nirmala Sitharaman will announce the country’s income and expenditure, tax changes and government priorities. Like every year, the common man’s mind is this time: Do the budget rules come into effect immediately after they are presented, or do they have to wait?

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What is budget?

The Union Budget is the annual accounting statement of the government. It outlines how much money the government will earn in the next fiscal year and in which areas it will spend it. Decisions related to taxes, subsidies, infrastructure, education, health and welfare schemes are taken in this budget. Under Article 112 of the Constitution, it is mandatory to present the budget every year.

Does the presentation of the budget mean that the rules have come into force?

Simply put, no. Presenting the budget and implementing the budget rules are two different things. The budget is presented on February 1, but most of the announcements come into effect from April 1 as the new financial year begins on April 1.

When do tax rules apply?

Income tax changes such as changes in tax slabs, exemptions, deductions or surcharges usually come into effect on April 1. This means that any tax relief or new tax rules announced in Budget 2026 will come into force from the financial year 2026-27 i.e. from 1st April 2026. In some cases, the government will implement certain regulations immediately. Changes in excise or customs duties are sometimes implemented on Budget day or the day after.

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Important information related to Budget 2026

Where and how to watch Budget live?

If you want to watch budget live, you can watch it on Parliament TV and Doordarshan, Parliament TV on YouTube, DD and PIB channels. Jansatta.com will also provide you latest updates about every major announcement.

Duration of the budget session?

The budget session of Parliament will last from 28 January 2026 to 2 April 2026.

When will the economic survey be released?

The Economic Survey 2026-27 will be tabled in both Houses of Parliament on January 29, a day before the Budget. Chief Financial Advisor V. Ananth Nageswaran will present it.