Budget 2014: Tax exemption limit under 80C increased to Rs
1.5 lakh
10/07/2014 13:10
Seeking to boost household savings, the government today hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh, reported PTI. Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income-Tax Act. The financial instruments which enjoy exemption include life insurance premium, public provident fund, employees provident fund, National Savings Certificates, repayment of capital on home loan, equity linked saving schemes sold by mutual funds and bank FDs of five year maturity.
10/07/2014 13:10
Seeking to boost household savings, the government today hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh, reported PTI. Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income-Tax Act. The financial instruments which enjoy exemption include life insurance premium, public provident fund, employees provident fund, National Savings Certificates, repayment of capital on home loan, equity linked saving schemes sold by mutual funds and bank FDs of five year maturity.
