A government panel tasked with overhauling the nearly six-decade-old Income-Tax Act on Monday recommended significant relief for taxpayers, including an across-the-board 25% tax rate for both local and foreign companies and changes in personal tax slabs to benefit middle and upper middle class Indians. Rakesh Nangia, Managing Partner with inputs from Sandeep Jhunjhunwala, Director shares his views on aforementioned story for Livemint- Front page/ First story. DTC panel suggests radical changes in income tax