Here's what an individual tax payer wants from Budget 2021
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New Delhi, Jan. 13 -- With budget day approaching individual tax payers wish the Finance Minister to fulfill some of our wishes. Here's what a common man wishes from the Finance Minister in the Union Budget on February 1.
Revision in the monetary limit of deduction available under Section 80C, 80CCC and 80CCD
Presently as per Section 80 CCE the deductions available under Section 80C, 80CCC and 80 CCD(1) put together are capped at Rs.1.50 lakh per year. This limit of Rs.1.50 lakh was revised from Rs.1 lakh in 2014. The earlier limit of Rs.1 lakh was fixed way back in 2003. It has been almost 18 years when the original limit of Rs.1 lakh was fixed. It has only been increased by 50% in 2014 which works out to just less than 3% annually. Th...
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