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• Existing rate of taxation for individual assesses between income of Rs.
2.5 lakhs to Rs. 5 lakhs reduced to 5% from the present rate of 10%.
• Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between Rs. 50 lakhs and Rs. 1 crore.
• Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto Rs. 5 lakhs other than business income.
• Appeal to all citizens of India to contribute to Nation Building by making a small payment of 5% tax if their income is falling in the lowest slab of Rs. 2.5 lakhs to Rs. 5 lakhs.