Padmashree awardee chairman of Aarin Capital and former CFO of Infosys, Mohandas Pai appealed to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to give tax relief to middle-class taxpayers in the upcoming Budget 2025-26..!!
Pointing at the financial burden the middle-class bears, Pai said that increasing taxes, high living costs and education costs are causing "great distress" among NDA voters.
Pai wrote on platform X, "Very high growth in IT/CT collection for the third year. [It] will be higher than [the] budget again. Time for @FinMinIndia @nsitharaman to give relief, simplify, and reduce taxes on long-suffering middle-class taxpayers."
"PM @narendramodi Sir, please give relief to [the] middle class in [the] budget 25-26 suffering high taxes, high EMI because of high vegetable prices — Tomato, Onion, Potato prices based on 2011-12 weights, [and a] massive increase in school and college fees over [the] last three years. Great distress amongst middle-class NDA voters."
In a similar appeal earlier, he urged the central government to restructure tax slabs, proposing that no tax be levied on those earning up to Rs 5 lakh, a 10% tax for income slabs between Rs 5 lakh and Rs 10 lakh, 20% for income between Rs 10 lakh and Rs 20 lakh, and a maximum of 30% could be levied on those earning above Rs 20 lakh.
He also advocated raising tax thresholds for senior citizens, with taxes starting at Rs 7.5 lakh for citizens over 60 and no tax on income up to Rs 10 lakh for citizens over 70.
Notably, Finance Minister Nirmala Sitharaman will present the Union Budget on February 1 for the fiscal year 2025-26. This will be her eighth consecutive budget presentation and the second full budget for PM Modi’s government.
Pointing at the financial burden the middle-class bears, Pai said that increasing taxes, high living costs and education costs are causing "great distress" among NDA voters.
Pai wrote on platform X, "Very high growth in IT/CT collection for the third year. [It] will be higher than [the] budget again. Time for @FinMinIndia @nsitharaman to give relief, simplify, and reduce taxes on long-suffering middle-class taxpayers."
"PM @narendramodi Sir, please give relief to [the] middle class in [the] budget 25-26 suffering high taxes, high EMI because of high vegetable prices — Tomato, Onion, Potato prices based on 2011-12 weights, [and a] massive increase in school and college fees over [the] last three years. Great distress amongst middle-class NDA voters."
In a similar appeal earlier, he urged the central government to restructure tax slabs, proposing that no tax be levied on those earning up to Rs 5 lakh, a 10% tax for income slabs between Rs 5 lakh and Rs 10 lakh, 20% for income between Rs 10 lakh and Rs 20 lakh, and a maximum of 30% could be levied on those earning above Rs 20 lakh.
He also advocated raising tax thresholds for senior citizens, with taxes starting at Rs 7.5 lakh for citizens over 60 and no tax on income up to Rs 10 lakh for citizens over 70.
Notably, Finance Minister Nirmala Sitharaman will present the Union Budget on February 1 for the fiscal year 2025-26. This will be her eighth consecutive budget presentation and the second full budget for PM Modi’s government.