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A proposal for reducing the highest income tax slab, is learnt to have been discussed by the Prime Minister’s Office (PMO) with Finance Ministry and Niti Aayog officials.
If the proposed move is introduced in the forthcoming Union Budget then direct tax collections could get a major boost in the forthcoming financial year.
As of now there is no income tax on the income group of 0 to Rs 2,50,000 per annum, while the income tax levied on the income group of Rs 2,50,001 to Rs 5,00,000 per annum is 5 per cent.
On the income group of Rs 5,00,001 to Rs 10,00,000, the tax levied is 20 per cent, while it is 30 per cent on those having income of Rs 10 lakh and above. This could be reduced to 25 percent it is reported.
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 with Finance Ministry and Niti Aayog officials.){kind=link}