TAX BREAK UNDER 80C MAY DOUBLE
TAX BREAK UNDER 80C MAY DOUBLE
New Delhi: Seeking to boost household savings, the finance ministry is considering doubling the exemption limit for investments by individuals in financial instruments to Rs. 2 lakh.
At present, investments and expenditures upto a combined limit of Rs,1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income Tax Act. Sources said the revenue department is assessing the burden on the exchequer. The announcement is expected in the Budget.
New Delhi: Seeking to boost household savings, the finance ministry is considering doubling the exemption limit for investments by individuals in financial instruments to Rs. 2 lakh.
At present, investments and expenditures upto a combined limit of Rs,1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income Tax Act. Sources said the revenue department is assessing the burden on the exchequer. The announcement is expected in the Budget.
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