As the Union Budget 2026-27 approaches, Expectations are high among salaried individuals, senior citizens, and high-income earners for significant changes in the new tax regime. With rising living costs, medical inflation, and housing expenses putting pressure on household budgets, tax experts believe the government has an opportunity to fine-tune the system to offer real relief without complicating compliance. The new tax regime, which is now the default option for taxpayers, still lacks key deductions that matter most to Indian families.<\/p>\n
Tax professionals are urging the government to expand deductions under the new regime to make it more practical and attractive. Housing loan interest, medical insurance premiums, and retirement savings are at the top of the wish list. Experts suggest that simplifying the new tax regime by integrating key deductions, such as housing loan interest and medical insurance, would ease compliance burdens and provide equitable relief amid rising living costs.<\/p>\n
Healthcare costs remain a major concern, with medical inflation in India standing between 11.5% and 14%, one of the highest in Asia. Experts are calling for stronger policy support, including higher public spending on healthcare and separate tax benefits for preventive healthcare. Introducing separate and enhanced tax benefits for outpatient services and preventive health screenings could encourage wider adoption of preventive care, particularly benefiting senior citizens.<\/p>\n
High-income earners and family offices are also watching the budget closely, hoping for reforms around retirement savings, green investments, and GIFT City to support long-term wealth planning. Rationalizing surcharges, extending tax-neutral LLP reorganisations, and clarifying TDS on partners’ remuneration could streamline family office operations, fostering smoother wealth transfers across generations.<\/p>\n
Market experts believe that a clearer and fairer tax structure could directly support economic growth by improving household consumption and savings. With the Finance Minister set to present the budget soon, taxpayers hope that the government will use this moment to strengthen financial security, promote insurance adoption, and make the new tax regime truly people-friendly. The budget is expected to strike a better balance between lower tax rates and essential incentives, especially for healthcare, housing, and long-term savings.<\/p>\n","protected":false},"excerpt":{"rendered":"
As the Union Budget 2026-27 approaches, Expectations are high among salaried individuals, senior citizens, and high-income earners for significant changes in the new tax regime. With rising living costs, medical inflation, and housing expenses putting pressure on household budgets, tax experts believe the government has an opportunity to fine-tune the system to offer real relief […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[31,22],"tags":[],"class_list":["post-222744","post","type-post","status-publish","format-standard","hentry","category-care","category-insurance"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9ibIB-VWE","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":222705,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/20\/north-korea-is-preparing-to-transition-from-its-current-free-care-system-to-a-mandatory-medical-insurance-program\/","url_meta":{"origin":222744,"position":0},"title":"North Korea is preparing to transition from its current free care system to a mandatory medical insurance program.","author":"Team Small News","date":"January 20, 2026","format":false,"excerpt":"North Korea is planning to transition from its nominally free healthcare system to a medical insurance model. 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