Key Takeaways

• Business insights delve into corporate strategies and market dynamics.
• TOI Experts Speak contributes a comprehensive and informed narrative across key facets of the contemporary landscape.
• In the realm of the economy, they dissect macroeconomic trends and policy impacts.

Key Development 1

NewsBusiness NewsFinancial Literacy NewsBudget 2026 income tax expectations: What individual taxpayers are hoping for – top 4 points to knowTrendingTop stocks to buyStock market todayTrump tariffsNational Electricity Policy 2026Deepinder GoyalBudget 2026Gold price predictionTop stocks to buyStock market todayTrump tariffsNational Electricity Policy 2026Deepinder GoyalBudget 2026Gold price predictionTop stocks to buyStock market todayTrump tariffsNational Electricity Policy 2026Deepinder GoyalBudget 2026Gold price predictionBudget 2026 income tax expectations: What individual taxpayers are hoping for – top 4 points to knowTOI Business Experts / TIMESOFINDIA.COM / Jan 22, 2026, 08:25 ISTCommentsShareAA+Text SizeSmallMediumLarge As India prepares to implement the new Income-tax Act from 1 April 2026, expectations of major tax changes may need to be calibrated.

By Parizad SirwallaBudget 2026 income tax expectations: Finance Minister is expected to present Union Budget 2026 in the backdrop of uncertain geopolitical dynamics, volatile capital markets, diverse regulatory reforms (e.g.

Business insights delve into corporate strategies and market dynamics.

Potentially it may be possible that the Budget may focus on micro, practical changes and administrative improvements, such as faster refunds, simpler compliance etc.

Key Development 2

TOI Experts Speak contributes a comprehensive and informed narrative across key facets of the contemporary landscape.

Given these practical difficulties, extending the deadline for filing revised or belated returns would provide much-needed relief and help ensure accurate reporting.As the government prepares for the landmark shift to the new Income-tax Act in April 2026, the Union Budget presents an opportunity to address a few long‑standing demands of individual taxpayers.

However, this timeline often poses challenges, particularly for individual taxpayers with cross-border income or investments, as tax filings in their home or host countries may not be finalized by then.

However, as India prepares to implement the new Income-tax Act from 1 April 2026, expectations of major tax changes may need to be calibrated.

Key Development 3

A higher deduction would provide relief to taxpayers at a time when rising living costs are placing increased pressure on the household finances.Also Read | Budget 2026 income tax: is expected to GST-style fewer tax slabs be brought under new income tax regime?Perquisite valuation rules for Electric VehiclesElectric vehicles (EVs) are increasingly seen as the future of mobility, and in line with their broader ESG commitments, many employers are now encouraging employees to opt for an EV under their company car lease policies.

With inflation continuing to raise living costs, the salaried taxpayers are hopeful that the deduction limit is expected to be increased to at least Rs 1 lakh.

However, the current perquisite valuation rules continue to rely solely on the cubic capacity of the car, an approach that does not account for the distinct nature of EVs, which do not have an engine in the conventional sense.Hence, it may be practical for the government to introduce a separate valuation mechanism specifically for EVs to ensure a suitable tax treatment and to further promote their adoption.Relief on Housing Loan Interest Under the New Tax RegimeHome loan borrowers have long relied on interest related tax deductions to reduce their repayment burden.

Ultimately, the hope is that the Budget is expected to strike the right balance between fiscal prudence and the genuine needs of India’s growing salaried class.(Parizad Sirwalla is Partner and Head – Global Mobility Services, Tax, KPMG in India)About the AuthorTOI Business ExpertsTOI Business Experts delivers insightful, exclusive and unique perspectives across diverse domains, offering a nuanced understanding of the Indian economy, personal finance, income tax, business, technology, and stock markets.

Key Development 4

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In the realm of the economy, they dissect macroeconomic trends and policy impacts.

to improve taxpayer experience and ensure a smooth transition to the new law.In view of the above, some of the areas that individual taxpayers may still hope to be addressed are: -A Higher Standard DeductionOne of the most frequently raised expectations is enhancement of the standard deduction, which currently stands at Rs 50,000 under the old tax regime and Rs 75,000 under the new tax regime.

This would provide relief to mid‑income taxpayers families and help build further confidence of taxpayers in the new tax regime.Also Read | Budget 2026: Why standard deduction should be hiked under the new income tax regime – explainedTimelines for Revised or Belated ReturnsUnder current provisions, taxpayers can file a revised or belated return for a financial year only up to 31 December following the end of that year.

Key Development 5

new income tax act, labour codes etc.), fluctuating oil prices as well as INR-USD exchange rate and other uncertainties.

In personal finance and income tax, their opinions and recommendations span investments, savings, and financial planning.

While sweeping changes may be unlikely in a year of transition, targeted reforms whether through higher deductions or more flexible timelines could significantly improve the taxpayer experience.

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Key Development 6

However, under the new tax regime, individuals cannot offset housing loan interest against salary income, even in the case of a self‑occupied property.With housing prices continuing to rise and the government’s broader aim of promoting home ownership at affordable rates, there is an expectation that the government may in the upcoming budget allow such interest deduction at least on self-occupied property under the new tax regime.

For instance, a US citizen who becomes an ordinarily resident in India may be required to report global income for parts of two calendar years in a single Indian tax return, even though overseas tax filings are completed later.

This mismatch can result in unintentional under-reporting or over-reporting of income in India.

However, the one thing certain is that the individual taxpayer is expected to be brimming with expectations of a promise of more net disposable income in their hands on a warm Sunday afternoon of 1 February 2026.

Key Development 7

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