FY28 Budget Starts Now: 5 Tax Moves You Must Make
India's Finance Ministry has begun work on the FY2027-28 Union Budget, with October deadlines for ministries. For salaried Indians and small business owners, this is the best time to plan tax-saving moves before February's announcements lock in the rules.
The Budget process kicks off 9 months early — longer than it takes to get a home loan approved!
Your tax liability shifts every Budget — here's how to prepare before February
Key Takeaways
Declare your tax-saving investments (PPF, ELSS, NPS, insurance premiums) to your HR or employer immediately — delay means higher TDS deductions from your November and December salary.
Calculate your advance tax liability for Q3 (due December 15) now, especially if you have freelance income, rental income, or made capital gains on mutual funds or stocks this year.
Compare your tax outgo under both the old and new tax regimes using a calculator — if you haven't switched yet, this is the last quarter where the math still gives you enough time to restructure.
India's Finance Ministry has begun work on the FY2027-28 Union Budget, with October deadlines for ministries. For salaried Indians and small business owners, this is the best time to plan tax-saving moves before February's announcements lock in the rules.
Here's what happened: India's Finance Ministry has issued its Budget Circular, setting October as the deadline for ministries to submit data and participate in pre-Budget consultations for FY2027-28.. Alongside FY28 estimates, ministries are simultaneously finalising revised numbers for FY2026-27 — meaning current-year tax and spending decisions are being locked in right now.. Pre-Budget meetings between the Finance Ministry and sector representatives typically follow the circular, shaping direct tax, indirect tax, and subsidy proposals for the coming year..
What you should do: Declare your tax-saving investments (PPF, ELSS, NPS, insurance premiums) to your HR or employer immediately — delay means higher TDS deductions from your November and December salary.. Calculate your advance tax liability for Q3 (due December 15) now, especially if you have freelance income, rental income, or made capital gains on mutual funds or stocks this year.. Compare your tax outgo under both the old and new tax regimes using a calculator — if you haven't switched yet, this is the last quarter where the math still gives you enough time to restructure..
If you submit a Form 12BB to your employer before October ends, they recalculate your TDS for the remaining months — recovering any over-deducted tax through lower future deductions rather than waiting for an ITR refund in August.
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- [1]“Budget FY28: Ministries Get October Deadlines As Pre-Budget Talks Set To Start” NDTV Profit - Latest · 29 Aug 2026
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