With the general elections looming up over the horizon in 2019, this year’s budget may well be the last full budget before the elections, and hence the last scope to provide benefits to the huge chunk of middle class that is considered to be one of the most crucial constituencies, for all governments, all the time!. And what better way to keep the salaried middle class happy other than attractive tax sops? So trending in the Desi Finance section are the thoughts and ideas regarding a few tax sops that Indian middle class might get out of the budget this year.
WHAT KIND OF BENEFITS? WHAT DOES THE GRAPEVINE SAY?
The air seems to be full of talks about these 3:
Increase in the tax exemption limit Currently people do not need to pay tax up to 2.5 lacs salary and with investment up to Rs. 1.5 lacs in instruments like PPF or bank deposits (of more than 5 years), under section 80c of Income Tax Act
Additional Tax benefit for health insurance – Health insurance premium usually is outside this ambit, but a mere Rs. 25,000 benefit is too low as against the huge cost surge in the last few years.
Additional benefit for Bank fixed deposits
THE CHALLENGE:
This story is from the February 2018 edition of Mad About Money.
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This story is from the February 2018 edition of Mad About Money.
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