Arbind Modi panel wanted no tax on income below Rs 6 lakh, 0.5% wealth tax

The panel proposed a 15% income-tax rate if income was Rs 6-20 lakh, and 30 per cent for above Rs 30 lakh

The first panel constituted by the previous Narendra Modi government to rewrite India’s income-tax law proposed to lighten the tax burden on the middle class by raising the zero per cent threshold to Rs 6 lakh.

However, this went with eliminating tax-saving deductions like those under Section 80C of the existing law. 

The panel proposed a 15 per cent income-tax rate if income was Rs 6-20 lakh, and 30 per cent for above Rs 30 lakh. 

The panel advocated the EET (exempt-exempt-tax) principle in treating savings; in that, withdrawals from an accumulated corpus of pension schemes and provident funds would