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An analysis by Economic Laws Practice (ELP), Taxand India
Mitesh Jain from Economic Laws Practice (ELP), Taxand India, has been quoted in an article, “Budget 2024 expectations: Will the government increase Section 80C limit”, published in India Today.
The article discusses India’s upcoming 2024 budget, which might include an increase in the Section 80C tax deduction limit, which has been unchanged at Rs 1.5 lakh since 2014. With rising living costs and inflation, experts suggest the limit could be raised to Rs 2-3 lakh to provide tax relief and encourage savings.
Additionally, the government may increase the tax exemption threshold from Rs 3 lakh to Rs 5 lakh and adjust tax slabs to boost middle-class consumption. However, major tax reliefs might be limited due to fiscal deficit concerns.
You can read Jain’s full comments in the article here.
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