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Why should Budget 2026 introduce a joint taxation mechanism for married couples?

Double taxation benefit for tax on foreign earned salary income can be denied in this condition; Know how to prevent it

In the Budget of 2025, recognizing the significant contribution of the middle class in nation building, the Finance Minister provided substantial tax relief to individual taxpayers under the simplified tax regime. For a taxpayer earning up to INR 12 lakh of total income, there is nil tax payable. This limit earlier was INR 7 lakhs.

As Budget 2026 approaches, expectations are rising around personal income tax relief. With consumption slowing and middle-class pressure growing, the key question is whether the government will ease tax burdens or stay fiscally cautious.

Balu Forge Industries shares surged up to 13% intraday after the company clarified that a recent Income Tax Department search concluded without finding any incriminating documents or unaccounted assets. The company confirmed no impact on business operations, providing relief to investors, including ace investor Ashish Kacholia.

For millions of senior citizens and small savers, bank interest is not extra cash, it buys medicines, groceries and covers daily needs. Yet tax relief on this vital income has not budged for years, even as rising costs and inflation squeeze their budgets harder. It is time for change to ease their burden. Interest income is security, not luxury

Under Section 60 of the Income Tax Act, transferring rental income to HUF without the property leads to clubbing, so rent and capital gains remain taxable in the daughter-in-law's hands.

In 2026, retirees may save money on taxes with President Trump's new OBBBA law. Seniors 65 or older can claim extra deductions, lowering how much Social Security gets taxed. Married couples may save even more. Savings depend on income and eligibility. Some retirees could get up to $450 back, helping with healthcare and living costs.

The Centre has pegged a direct collection growth of 13.2% to Rs 25.2 lakh crore for FY26 compared with Rs 22.26 lakh crore collected in FY25, despite substantial income tax relief in the budget.

Union Budget 2026: According to a Motilal Oswal report, instead of sweeping reforms, Budget 2026 is expected to bring measured adjustments., Budget 2026, Times Now