How Section 80C of IT Act has fallen out of sync with inflation4 min read . Updated: 01 Feb 2023, 12:33 AM IST
The CII saw an increase of 105% between 2005 and 2014 whereas the 80C limit was increased by a mere 50%.
Ahead of Wednesday’s Union Budget presentation, Agra-based Punit Chahar has a special request. He wants the finance minister to increase the deduction limit under section 80C of the Income Tax (I-T) Act to align it with inflation. The 47-year-old businessman claims about ₹1.12 lakh—the amount he pays towards his children’s school tuition fees—as deduction under 80C. But that alone takes up about 75% of the total ₹1.5 lakh investment limit available under the section when filing I-T returns and doesn’t leave room for other investments
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