HIGHLIGHTS
- The move would provide relief to middle class taxpayers comprising self employed, small businesses, small traders, salary earners, pensioners and senior citizens.
- Under Section 80C of I-T Act, tax rebate is available for investments made in specified instruments like PPF, life insurance, tution fee, five-year term deposit in banks and Post Office, up to Rs 1.5 lakh in a year.
The move would provide relief to middle class taxpayers comprising self employed, small businesses, small traders, salary earners, pensioners and senior citizens.
Under Section 80C of I-T Act, tax rebate is available for investments made in specified instruments like PPF, life insurance, tution fee, five-year term deposit in banks and Post Office, up to Rs 1.5 lakh in a year.
Individuals can also take tax savings advantage of interest on home loan up to Rs 2 lakh, Rs 50,000 in National Pension scheme, Rs 75,000 on medical insurance premium.
Besides, the government has also raised the standard deduction from Rs 40,000 to Rs 50,000 to provide additional benefit to salary earners. The standard deduction would be available for the salaried class, irrespective of income.
