In light of growing tax revenues and economic difficulties, former Infosys CFO TV Mohandas Pai has asked the government to enact major reforms in the 2025 budget, with a particular emphasis on tax relief for middle-class taxpayers.
In the next budget, which is expected to be revealed in February 2025, former Infosys CFO TV Mohandas Pai has called for a number of reforms.
Prime Minister Narendra Modi has been urged by Pai to make Budget 25–26 "a year of Big Reforms." He proposed a list of improvements the administration could enact in a post on X.
He said that middle-class taxpayers should receive assistance from the government. According to his post, individual tax revenue increased from ₹4.8 lakh crore in FY21 to ₹10.4 lakh crore in FY24.
"Please provide long-suffering middle-class IT payers with relief." They voted for you even if they are furious with the NDA. The amount collected in individual taxes increased from ₹4.87l cr in 20–21 to ₹10.45l cr in 23–24. a three-year gain of 114%. Net may reach 12.5l cr [sic], with 24-25 gross individuals' IT collecting rising 22%, Pai stated.
According to him, increased taxes, inflation, high school tuition, and a gradual rise in income have all contributed to middle-class taxpayers' decreased spending.
The former CFO of Infosys has called for expanded tax slabs, with no tax on income up to ₹5 lakh and 10% tax on income between ₹5 and 10 lakh.20% on income between ₹10 and ₹20 lakh, and 30% of income over ₹20 lakh.
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