Budget 2026 Date: Finance Minister Nirmala Sitharaman To Present Her 9th Union Budget Next Month, Check Date, Time, Key Details

Budget 2026: As Union Budget 2026 approaches, middle-class and salaried taxpayers have submitted a priority “wishlist” to Finance Minister Nirmala Sitharaman, urging simplified compliance and relief amid rising living costs. Lok Sabha Speaker Om Birla has confirmed that the highly anticipated Union Budget 2026 will be announced in Parliament on Sunday, 1 February, by the Finance Minister.

The most prominent demand calls for a “One Nation-One ITR” system to replace the current seven-category Income Tax forms, making filing easier and reducing errors.

Beyond simplification, taxpayers are advocating for the tax code to address broader national issues, such as urban air pollution. Proposals include tax incentives for electric vehicle (EV) purchases under the individual tax regime. While the government has focused on a policy of “lower taxes with fewer exemptions,” advocates argue that health and environmental concerns justify targeted measures to encourage greener choices.

Budget 2026: Streamlining The Filing Process

Currently, taxpayers navigate multiple ITR forms based on income sources, creating confusion and compliance challenges. The proposed single, uniform ITR form would allow users to select their entity type and income source, with only relevant schedules displayed.

Additionally, experts suggest introducing a “Master Circular” for the new Income Tax Act. This would serve as a comprehensive guide, linking existing regulations with new provisions, and simplifying decades of overlapping notifications.

Budget 2026: TDS Reforms Urgently Needed

The Tax Deduction at Source (TDS) system remains a major administrative burden. Tax professionals propose a neutral revenue revamp, merging or eliminating sections with minimal collections and retaining only two or three standard tax rates.

Another key recommendation is the digitalization of TDS certificates, removing the need for physical issuance. With data already available in the Annual Information Statement (AIS) and Form 26AS, a digital TDS Ledger could reduce litigation and ease compliance for both businesses and salaried individuals.

Budget 2026: Incentivising Environmental Action

With Indian cities repeatedly ranking among the most polluted globally, the wishlist calls for a multi-pronged approach using direct taxes. Beyond EV incentives for individuals, proposals include allowing Corporate Social Responsibility (CSR) spending on pollution-control research to be fully tax-deductible.

The budget 2026 measures aim not only to provide financial relief but also to align individual and corporate actions with the government’s environmental and public health objectives.

As the countdown to Budget 2026 continues, the focus will be on whether the government can balance a “leakage-free” tax system with the public’s demand for a simpler, more taxpayer-friendly framework. For the common man, the upcoming announcements will be a test of the government’s commitment to making the New Income Tax Act both practical and easy to navigate.

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