new delhi india is considering tax relief for individuals as it looks at measures to accelerate consumer demand and boost economic growth people with direct knowledge of the matter saidprime minister narendra modis government is mulling a proposal to hike the taxable income limits especially the rs 10 lakh slab which attracts a 30 rate at present the people said asking not to be identified as the discussions are private the move will be accompanied by scrapping some tax breaks including the one offered on house rent payments and interest earned on some bank depositsthe measures may form part of the federal budget to be unveiled in february the people said a spokesman for the finance ministry couldnt be immediately reached for a commentif the government tinkers with personal taxes it will add to the list of measures taken in recent months to boost growth thats expanding at the slowest pace in nearly six years apart from last months cut in corporate taxes the government has also rolled back a levy on foreign funds injected 10 billion into banks relaxed foreign direct investment rules and merged staterun lendersa steep reduction in corporate tax rate to 22 meant companies pay taxes at a lower rate than many individuals who are in the top 30 rate bracket thats raised the clamor for a relief in personal income tax ratesas finance minister nirmala sitharaman aims to narrow the fiscal deficit to 33 of the gross domestic product this year the government has limited fiscal space for fresh giveaways after the 20 billion corporate tax stimulus its now banking on companies and individuals to boost consumption and add to revenue collectionspersonal tax kicks off on income above rs 250000 a year levied at 5 top marginal tax rate in india is 4274 for income above rs 5 crore thats higher than the asia average of 2999 according to data compiled by kpmg only about 5 of the population pays taxes and the countrys taxtogdp ratio of about 11 ranks lower than the global average