Budget 2025: KPMG Reveals BFSI Sector's Wishlist for Tax Reforms

As India eagerly awaits the Union Budget 2025-26, KPMG has unveiled key expectations from the banking, financial services, and insurance (BFSI) sector. The upcoming budget, to be presented by Finance Minister Nirmala Sitharaman on February 1, is anticipated to focus on reducing tax litigation, simplifying TDS provisions, and introducing incentives for R&D and manufacturing. Other expectations include addressing foreign bank tax rates, abolishing Securities Transaction Tax, and extending tax benefits to NBFCs. The government is also expected to enhance GIFT-IFSC incentives to bolster India's position as a global financial hub.

Source: Zee Business