KPMG experts weigh in on the expectations for the upcoming Budget 2025, suggesting that the old tax regime slabs are likely to remain unchanged, while minimal adjustments might be made to the new regime.
Tax SlabsBudget 2025KpmgNew Tax RegimeOld Tax RegimeReal Estate NewsJan 30, 2025
The old tax regime allows for a higher tax exemption limit but includes higher tax rates. It offers several deductions and exemptions under sections like 80C, 80D, and others.
The new tax regime, introduced in the Budget 2020, offers lower tax rates but with fewer deductions and exemptions. It aims to simplify the tax structure and reduce the tax burden for many taxpayers.
KPMG expects minimal tweaks to the new tax regime, such as an increase in the standard deduction, a slight reduction in tax rates, or the reintroduction of some popular deductions.
The government is cautious about making drastic changes to the tax structure due to the current economic challenges, including a slowdown in consumer spending and a rise in unemployment.
KPMG is a leading professional services firm that provides insights and guidance on tax planning and compliance. Their experts have a deep understanding of the Indian tax landscape and are renowned for their analytical capabilities.
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