Budget: Industry Body For Hike In 80C Income Tax Deduction To Rs. 3 Lakh

Finance Minister Nirmala Sitharaman will gift her maiden Budget on July 5. Among the numerous demands from the finance minister from different sectors of financial system and industries, Delhi-based totallyhas in its Pre-Budget Memorandum demanded that the deductions under the Section 80C of the Income Tax act be accelerated to Rs. 3 lakh from the present limit of Rs. 1.Five lakh. Industry body Assocham stated the modern-day limit wishes to be revised with passage of time, and a better limit will promote financial savings and building of capital.

Among other needs, Assocham has asked that an amendment be made to growth the quantum of fashionable deduction. “Standard deduction on revenue of Rs. Forty,000 does no longer provide any widespread alleviation to salaried folks and needs to be multiplied. Standard deduction isn’t always meaningful to be in the range of salaried tax payers as ga great part of the deduction is offset by using levy of additional cess of one consistent with cent which was levied vide Finance Act, 2018,” according to Assocham’s pre-Budget memorandum.

For the kid’s training allowance, the industry frame has demanded that the limit for exemption be raised to Rs. 1,000 according to month from Rs. One hundred consistent with the infant for a maximum of kids as the modern-day restriction could be very low.

For exemption underneath the leave travel concession, Assocham has requested the finance ministry that the exemption for leave tour in Budget should now not be constrained to 2 trips in a block of four calendar years, however, must be allowed each year. The alternate frame has also urged the ministry that the exemption within the Union Budget 2019 have to be provided on accommodation and food as properly.

Due to the escalation in leases, the restrict for exemptions underneath the Section 80GG of the Income Tax Act have to be improved to Rs. 10,000 in line with month within the Union Budget as the modern deduction underneath segment 80GG is given for hire paid by means of non-salaried personnel, now not in receipt of house hire allowance, to the volume of Rs. 2,000 in step with month, according to Assocham.
COMMENT

If the demands of the industry frame are generic under the Union Budget by way of the finance minister, it will come as a big comfort for tax payers, say financial analysts.

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