The exemptions under sections 80C, 80CC and 80 CCC needs to be raised from Rs.1,00,000 to Rs.2,00,000 which include life insurance premium, investments in public provident fund, employees provident fund, national savings certificates, repayment of home loans, equity linked saving schemes sold by mutual funds and fixed deposits (FDs) of five year maturity with banks.
Higher deduction under Section 80TTA: The current deduction of Rs 10,000 in respect of interest on savings accounts with banks if it is increased to Rs 20,000, it would encourage small savings.
Tax exemptions post retirement age: An increase in the tax exemption threshold for senior citizens (60 years or more but below the age of 80 years) from Rs 2,50,000 to Rs 3,50,000 and for very senior citizens (80 years or more) from Rs 5 lakh to Rs 6 lakh.
Increase in the limit of medical reimbursements for salaried employee 's from Rs.15,000 to Rs.50,000.
Rationalizing limits for tax free allowances such as education allowance, transport allowance and medical allowance. In case of medical insurance, the deduction for the premium should be raised to support higher coverage and thereby increase affordability of inflated costs of medical care.
Higher deduction under Section 80TTA: The current deduction of Rs 10,000 in respect of interest on savings accounts with banks if it is increased to Rs 20,000, it would encourage small savings.
Tax exemptions post retirement age: An increase in the tax exemption threshold for senior citizens (60 years or more but below the age of 80 years) from Rs 2,50,000 to Rs 3,50,000 and for very senior citizens (80 years or more) from Rs 5 lakh to Rs 6 lakh.
Increase in the limit of medical reimbursements for salaried employee 's from Rs.15,000 to Rs.50,000.
Rationalizing limits for tax free allowances such as education allowance, transport allowance and medical allowance. In case of medical insurance, the deduction for the premium should be raised to support higher coverage and thereby increase affordability of inflated costs of medical care.
