The Standing Committee of Parliament on Finance is likely to recommend a deduction of Rs 3.20 lakh for income-tax relief. This limit may be made available for long-term savings, investment and expenditure on life insurance, health insurance and education for children. The committee may also recommend exemption limit for income-tax at Rs 3 lakh per annum as mentioned in the draft report, although some members are reportedly still pushing to increase it to Rs 5 lakh. The Direct Taxes Code (DTC) Bill tabled in Parliament had proposed a limit of Rs 2 lakh from the current limit of Rs 1.80 lakh.
Source: The Hindu Business Line
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