Industries in the State are expecting that the Union Budget will spell out measures to revive the slowing economy and rejig personal income tax rates.
Southern India Chamber of Commerce and Industry (SICCI) president R. Ganapathi suggested a revised tax slab where the income of up to ₹5 lakh would be exempt and income above ₹20 lakh taxed at 30% when compared to the above ₹10 lakh threshold now.
“Another important issue is to create rural demand. SICCI feels the government has to give equal attention to the rural sector which is very much under stress and grew at the low rate of 2% in the last quarter,” he added.
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