Proposed Tax Slabs: 30% For Income Above ₹50 Lakhs, 20-25% Applicable On Middle-Income Groups

Industry leaders have proposed significant changes to India's income tax structure, aiming to ease the financial burden on taxpayers. The CII President Sanjiv Puri, has suggested providing income tax relief for individuals earning up to Rs 20 lakh, emphasizing the need to support middle-income groups. Meanwhile, the PHDCCI CEO Ranjeet Mehta has recommended a restructured tax slab, proposing a 30% tax on incomes above Rs 50 lakh and a 20-25% tax on incomes ranging from Rs 15 lakh to Rs 50 lakh. These suggestions aim to create a balanced approach, benefiting both taxpayers and economic growth. The proposals are now in focus for policymakers.