“We are expecting the exemption u/s 80C to be increased to about Rs 2.5 lakh to 3 lakh. This will help us reduce our tax burden resulting in more money in the hands of a salaried person,” stated Aniket Sharma, a bank executive.
Anirudh Mohale, location head, Fisdom, expressed the similar saying, “If the tax deduction u/s 80C is not increased to at least Rs 2.5 lakh the common man will continue to struggle. The taxes are rising and there is bare minimum money left in the hands of an individual.”
Moreover, with coronavirus getting added as a new overall health concern, individuals have come to be more overall health conscious. The healthcare bills have elevated and there is a large demand for healthcare insurances.
“Hence to keep pace with the rising medical costs, we want the standard deduction u/s 80D also to be increased from Rs 50,000 to Rs 1,00,000,” Aniket Sharma adds.
The maximum deductions accessible below sections 80 are as follows: Section 80C to 80CCC is Rs 1,50,000, Section 80CCD Rs 50,000, Section 80D Rs 30,000 for self, spouse and kids, Rs 30,000 for parents, and Rs 50,000 for senior citizens.