Finance Minister Nirmala Sitharaman on Sunday kept income tax rates and slabs unchanged following last year’s major tax reforms. While the basic tax structure remains the same, the Finance Minister announced while presenting the Budget 2026-27.

PM Modi has given his first reaction to Union Budget 2026. On his X, he wrote, ‘The Union Budget reflects the aspirations of 140 crore Indians. It strengthens the reform journey and charts a clear roadmap for Viksit Bharat.’

In the latest central budget, the government has cut down tariffs and customs duty on a number of items such as essential drugs. On the other hand, luxury goods, including watches and alcoholic beverages, are set to attract a higher rate of tax, making them more expensive.