Industrybody PHDCCI made a case for substantially reducing the income-tax rates for individuals earning up to Rs50 lakh annually, and levying the highest rate of 30 per cent only on those earning more.

The highest tax rate of 30 per cent is levied on individuals earning more than Rs24 lakh in a year in the new Income-Tax regime. In its pre-Budget recommendations submitted to Revenue Secretary Arvind Shrivastava, besides a raft of reforms in the direct tax regime, the industry chamber also made several recommendations on the indirect taxation front. The government has started the process for the presentation of the next Union Budget. Finance Minister Nirmala Sitharaman is scheduled to present it to Parliament in February.

One of the major suggestions on the direct taxes front is request f

See Full Page