Schools in Hounslow could face cuts of 12% under a national spending review, the borough's MPs have warned.
The government is drawing up a new funding formula in a bid to allocate existing cash more fairly to schools across the country.
'Smoke screen for cuts'
Ms Malhotra, MP for Feltham and Heston, said: "This government has a history of using funding formula changes as a smoke screen for cuts. This latest proposal looks like more of the same.
"Hounslow children must not lose out from these changes. We will be scrutinising this more closely."
But the Department for Education (DfE) says such "irresponsible speculation" is not helpful as consultation is ongoing and a proposed funding formula has yet to be published.
It points out that the national schools budget has been protected in real terms for the duration of this parliament, meaning the money available nationally is not being cut.
'Historic unfairness in school funding system'
A DfE spokesman said: "This speculation is irresponsible and unfair to schools and parents, as the proposed funding formula has not yet been published.
"It is impossible to make these calculations until a formula has been consulted on and agreed and all areas including London councils will be encouraged to take part.
"We are committed to making funding fairer to address the historic unfairness in the system – but areas with the highest need will still attract the most funding.
"Pupils from disadvantaged backgrounds will attract significant extra funding to their schools under the national funding formula, so areas such as London will still attract significantly more than the national average.
"The introduction of a national funding formula will mean that every child, no matter where they live in the country, will be funded according to need."
'Cuts could jeopardise pupils' education'
Hounslow Council's education chief, Councillor Tom Bruce, warned that any cuts to "already depleted" school budgets could "jeopardise" pupils' education.
"Every child in the borough deserves a great education, and we are fortunate here in Hounslow to have so many excellent schools providing high quality education for our children and young people," he said.
"It's imperative, therefore, to send out a clear message to central government that any further cuts to already depleted school budgets would jeopardise the opportunity for the next generation of children and young people from getting the best possible start in life."