The first panel constituted by the previous Narendra Modi government to rewrite India’s income-tax law proposed to lighten the tax burden on the middle class by raising the zero per cent threshold to Rs 6 lakh. However, this went with eliminating tax-saving deductions like those under Section 80C of the existing law.
The panel proposed a 15 per cent income-tax rate if income was Rs 6-20 lakh, and 30 per cent for above Rs 30 lakh. The panel advocated the EET (exempt-exempt-tax) principle in treating savings; in that, withdrawals from an accumulated corpus of pension ...
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