Salaried Class Gets Major Tax Relief in Budget 2026-27

The federal budget 2026-27 brings significant cuts in income tax rates for salaried individuals across multiple income brackets.

Earners in the Rs22-32 lacs annual income range will now pay 20% tax, down from 23%. Those falling in the Rs32-41 lacs bracket will see their rate drop from 30% to 25%. For the Rs41-56 lacs bracket, the rate comes down from 35% to 29%, while individuals earning between Rs56-70 lacs annually will be taxed at 32% instead of the previous 35%.