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....
For full report click here..SKP Wish List on Domestic Tax - Budget Primer 2013-14