Budget 2016: Govt should raise tax deduction limit under 80C, demands salaried class

Zee Media Bureau

New Delhi: From the common man’s perspective, Union Budget 2016 could be really a litmus test for the Modi government.

Here's what the salaried class wants the FM to announce in terms of deduction under Section 80C.

At present consolidated deduction of Rs 1.5 lakh is allowed on all long term and short term serving instruments, including provident fund, pension funds, and equity linked savings scheme etc.

Exemption limits of allowances such as children education allowance, transport allowance, medical allowance etc are very low. So expectations are that the allowances exempted from tax are increased along with rise in exemption limits under Sections 80C from the present Rs 1.5 lakh to at least Rs 2.5 lakh.