BY A STAFF REPORTER: With the rising cost of living and rising interest rates on loans in this year's Budget, relaxing income tax rates for individuals will be a welcome step to restore the purchasing power of individuals. The government may consider increasing the maximum tax rate limit from Rs 10 lakh to Rs 20 lakh and reduce the maximum tax rate from 30% to 25% to bring it at par with the general income tax rate applicable to companies.
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