Stating that the common man has been impacted badly by high inflation and steady increase in fuel prices, consultancy firm PwC today pitched for a slew of concessions on the income tax front. - Relaxation of exemption limit to Rs 3 lakh from the present Rs 2 lakh & Women at Rs 3.25 lakh - Introduction of Rs 1 lakh annual exemption for investments in infra bonds. - Deduction under Section 80 C to Rs 2 lakh from 1 lakh - Borrowed capital for self-occupied property to Rs 2.5 lakh from the current Rs 1.5 lakh - Upping the medical reimbursements to Rs 50,000 from Rs 15,000 now - Conveyance allowance to Rs 2,500 from the present Rs 800 - Five-fold hike in the exemption limit on interest-free/concessional loans to Rs 1 lakh - Introduction of a tax slab for those earning above Rs 50 lakh and recommended a 35 percent tax for such people - Increase in the wealth tax to 2 per cent for those with wealth of over Rs 10 crore. Lets Hope Finance Minister Arun Jaitley allows all of them.
Posted on: Thu, 03 Jul 2014 14:40:42 +0000
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