No change in old tax regime slabs, minimal tweak in new regime expected from Budget 2025: KPMG

"However, one has to also bear in mind the current state of economic growth for India, global economic indicators, and other factors that the Finance Minister will consider before presenting the personal tax proposals," it said.

"While there is always an expectation from the common man to get more net disposable income in their hands, on a realistic basis it is expected that there may be no changes to the income slabs and tax rates in the old tax regime and minimal changes (if any) in the new tax regime," KPMG said in its pre-budget expectations.

The global advisory firm noted that over the last 3-4 years, the Government has made a conscious effort to make the income slabs and corresponding tax rates more lucrative for taxpayers opting for the new tax regime.

In fact, the new tax regime tax slabs have been altered in Budget 2023 as well as the interim Budget of 2024. This thrust has yielded results as per the statistics released by the Government itself.

As per the said statistics for the Assessment Year 2024-25 (FY 23-24) 72% of taxpayers opted for the New Tax Regime compared to 28% who chose the Old Tax Regime.

Finance Minister Nirmala Sitharaman will present Union Budget 2025-26 on February 1, 2025.