The Finance Ministry has started the work on the Union Budget 2027-28, and the pre-Budget meetings chaired by the Expenditure Secretary began on 12 October 2026 and will run till mid-November. The Budget Estimates for 2027-28 will be provisionally finalised only after these meetings are over, so the document is already being drawn up. Many investors are expecting the Budget on 1 February 2027, following the convention that has been followed since 2017. However, the date becomes official only when the Budget Session is scheduled.
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From pre-Budget meetings to 1 April
The Budget process is a series of steps, and the table below shows where each step falls and what it involves.
| Stage | Expected timing | What it is |
|---|---|---|
| Pre-Budget meetings | 12 October to mid-November 2026 | Discussions chaired by the Expenditure Secretary |
| Final figures in the Union Budget Information System | End-December 2026 or early January 2027 | Final expenditure figures are loaded |
| Budget speech | Expected 1 February 2027 | Finance Minister presents the Budget |
| Finance Bill passage | After the speech | Parliament takes up the Bill |
| Income-tax Act 2025 | In force since 1 April 2026 | The current tax law |
The 2027-28 Budget will mark the tenth successive Budget presented by Finance Minister Nirmala Sitharaman and the fourth one under Modi 3.0 government, as reported by Business Standard.
Five things people will look at first in the speech
Individual taxpayers are expected to look first at the income tax slabs and the section 87A rebate. The slabs under the new regime were left unchanged in Budget 2026, and the rebate is available up to Rs 12 lakh of income, so any change in either will be noticed quickly.
Capital gains will be the next item on the list for investors. Long-term capital gains (LTCG) on listed equity are taxed at 12.5% above Rs 1.25 lakh, while short-term capital gains (STCG) are taxed at 20%, and investors will be watching whether these rates are touched.
Traders are watching the securities transaction tax (STT) on derivatives. Since 1 April 2026, the tax is 0.05% on futures and 0.15% on options and the delivery trades and equity mutual fund redemptions were not affected by that change.
State governments will look at their share of central taxes. The 16th Finance Commission has recommended 41% for the states for the years 2026-27 to 2030-31 and the Budget figures will show how this is reflected.
Finally, many will read the speech for the Finance Bill and for the follow-through on the Income-tax Act 2025 which is already in force.
These are expectations, not announcements.
