With prices on the rise and our tax structure not adjusted for inflation, the middle-class and lower middle-class segments deserve a sizable tax relief in the forthcoming Budget. Also, industry is justified in demanding a reduction in corporate tax rates as this is needed to remain competitive in a globalised world.According to  T. C. A. RAMANUJAM.

There are great expectations about the forthcoming Budget, to be presented on February 29. Direct tax collections are at an all-time high, and the target of Rs 3,00,000 crore is likely to be breached.

For the first time, the direct tax collections will represent 50 per cent of total tax collections. That is something to be proud of. The Finance Minister, Mr P. Chidambaram, and the tax administration deserve all the encomiums being showered on them . But the middle-class and the lower middle-class segments are expecting sizable tax relief this time around.
Basic Exemption and Marginal tax rates.

Sources : http://www.thehindubusinessline.com/