Budget 2026 Expectations LIVE: Tax Expectations Revolve Around Boosting Consumption

Venkatesh Naidu, CEO, BajajCapital Insurance Broking Ltd
said that Budget 2026 presents a timely opportunity to bridge India’s protection gap across life, health, and retirement. Greater tax clarity and parity for insurance and long-term retirement products can significantly strengthen household confidence, trust, and adoption. He added, " By encouraging micro-insurance and more inclusive protection models can help bring first-time buyers into the insurance ecosystem, particularly across underserved and informal segments. Public–private collaboration can play a vital role in accelerating insurance penetration, especially in health and social protection, by combining policy support with private-sector innovation, distribution reach, and operational efficiency."

For the common man, the Union Budget provides a measure for daily survival, future security and aspirations. As the Budget 2026 nears, the common man hopes the the Budget will provide a relief to squeezing household budgets as income does not keep pace with inflation.

The expectations of people range from price stability, tax reliefs to job security, along with focus on healthcare. People ask for practical measures which will help ease daily living and secure the future.

Union Budgets brings a sense of anticipation for middle-class families, on taxes savings opportunities. Here are the five key checks every family should have to prepare before the Union Budget is presented.

• Check your tax position under both tax regime before the Budget

• Ensure adequacy of you health insurance

• Get your investment paperwork in order 

• Align investments allocations with your life goals

• Understand actual gap in tax savings

With Union Budget 2026 nearing, homebuyers are hoping for Nirmala Sitharaman to announce some tax reliefs on home loans. According to industry stakeholders, if the upcoming Budget provides some additional relief, it could reinforce reforms that will further boost growth in the real estate sector.

As the Union Budget 2026 approaches, many are speculating whether the Old Tax Regime will be abolished. Tax experts suggest that a complete phase-out of the old income tax regime seems less likely. However, it will depend on whether Union Finance Minister Nirmala Sitharaman is planning for a surprise on the same.

The old tax regime has already been phased out to a certain degree, with the New Tax Regime now being the default regime. Taxpayers need to specifically opt for the old regime if they want to be governed by it. This points to a clear steering in policy.

Union Budget for FY27 is drawing closer, and there is an anticipation about tax reforms which could directly impact spending. According to industry experts, the Union Budget 2026 is unlikely to give major tax breaks. Instead, it could focus on making taxes simpler. It could also aim to make indirect taxes for the government, Goods and Service Taxes, which saw a recent rate rationalisation, more efficient. The focus of the Budget is likely to be towards increasing consumption, experts said.