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Despite the limitations of this Budget, common man, especially the middle class taxpayers are eagerly awaiting some income tax reforms by FM Sitharaman that would enable them to curtail their tax outgo. - Budget 2024: 5 Things Middle Class Taxpayers Expect Sitharaman To Include In Interim Statement
Section 80C limit in Budget 2024: Various investments and expenditures specified under Section 80C allow individuals to claim a maximum deduction of Rs 1.5 lakh from gross taxable income in a financial year. It is important to note that the new tax regime does not allow deduction under Section 80C of the Income-tax Act.
India Business News: Find out why the limit for deductions under Section 80C should be hiked in the Budget 2024. Learn about the popular investments and expenses eligible for deductions under Section 80C. Experts share their views on the need for increasing the limit and suggest possible additions to the list of eligible expenses.
Budget 2021: Life insurers seek separate tax carve-out for products to boost penetration The industry feels this will allow policyholders to diversify their investments into various life insurance products to meet their financial goals while availing of tax benefits. Currently, life insurance premium is eligible for tax exemption under Section 80C, which has a limit of Rs 1.5 lakh annually, but also clubs other investment options such as PPF, EPF, and NSC, among others. January 26, 2021 / 10:56 AM IST The insurance industry is seeking tax incentives from the government in Budget 2021 to m...