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However, matching these expectations will be a challenge.
Already, as per the Budget estimates, the top 10 tax incentives will result in a revenue loss of Rs 75,252 crore this year .
I also want the interest income exempt under Section 80TTB, from bank savings accounts, fixed deposits and post office deposits, to be raised to Rs 1 lakh for senior citizens, up from Rs 50,000 now.
Introduction of a separate deduction limit for medical expenses is real need for senior citizens as they incur huge expenses on medicines and are typically not covered by health insurance.
This tenure has remained unchanged since 2006 whereas tuition fees of top B-schools has risen sharply since.It could become a permanent retirement account from which investments across multiple asset classes can be made annually.Considering inflation, a hike in limit for tax deductible savings is justified, but would result in a big tax loss.Will people’s expectations burn a big hole in the exchequer?Many people want the basic tax exemption for general taxpayers to be raised to Rs 3 lakh.