A maximum of Rs 1.5 lakh can be claimed under section 80C and this limit has not changed since financial year 2014-15. As savings accounts are flush government can use savings accounts funds. It can be done by enhancing investment limit of PPF to Rs 2 lakh and bring 80C limit to Rs 2 lakh.
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5 predictions for budget 2017 18
1.
2. A maximum of Rs 1.5 lakh can be claimed under section 80C and
this limit has not changed since financial year 2014-15. As savings
accounts are flush government can use savings accounts funds. It
can be done by enhancing investment limit of PPF to Rs 2 lakh
and bring 80C limit to Rs 2 lakh.
3. The minimum exemption limit has been Rs 2.5 lakh since FY
2014-15 is still the same.
Under section 87A, those with income up to Rs 3 lakh, do not
have to pay any tax, but with the rising cost of living this limit
should be raised till 4lakhs, so people don’t have to bear the
burden of tax.
4. Tax laws allow deduction on interest on home loan of Rs 2 lakh
per financial year, if construction of property is completed within
5 years, which is still not enough.
So the tax department must consider doing away with any time
limit, at least for first time buyers.
5. At Rs 15,000 annual reimbursement limit is too less to take care
of a family’s routine medical expenses.
With rising air pollution and associated ailments, the
government must consider either increasing this limit or adding
another reimbursement for benefits of people.
6. Tier II account is a voluntary investment account. While there are
tax benefits and withdrawal restrictions on Tier I, there are no
such restrictions on investments made in Tier II accounts.
The government must clarify how withdrawals from Tier II
account should be taxed.