Considering the rise in cost of living and inflationary trend, the monetary limits for exemptions from salaries be suitably enhanced. The exemption for transport allowance be increased from ` 800 per month to ` 2,500 per month. Similarly, the exemption for medical expenses be increased from ` 15,000 per annum to ` 25,000 per annum.
> Standard deduction should be reintroduced for salaried tax payers.
> Deduction for repayment of principal sum as well as interest on capital borrowed for one self-occupied house should be allowed at actual without any monetary limit.
> Deduction under section 80TTA should be allowed also for interest on fixed deposits, subject to the overall limit of ` 10,000....
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