New Delhi, Oct. 29 -- The PHD Chamber of Commerce and Industry (PHDCCI) has submitted its pre-Budget memorandum for the Union Budget 2026-27, urging the government to adopt a series of direct tax reforms, among others, aimed at bolstering manufacturing, innovation, and taxpayer compliance.

The Chamber's recommendations focus on reviving the 15 per cent concessional corporate tax, revamping R&D incentives, and reducing tax rates for individuals and small businesses to boost economic growth and employment.

PHDCCI has, in particular, called for the reintroduction of Section 115BAB of the Income Tax Act, which earlier allowed a concessional 15 per cent tax rate for new manufacturing units.

The Chamber noted that the provision, introduced i...