Income Tax Saving News: Will there be a discount of 5 lakh rupees in Income Tax, TPF made this big demand from the government.
Income Tax Saving News: Finance Minister Nirmala Sitharaman is going to present the budget on February 1 in the Income Tax Department! In this way, various organizations have already started giving their suggestions and demands! One such demand has come from TPF! In which the Minister of State for Finance Pankaj Chaudhary has been given a memorandum saying that he should give a tax saving of 5 lakh rupees in income tax!
Apart from this, the standard deduction should be increased to 1 lakh rupees in the Income Tax Department! It has been demanded on their behalf! That the maximum limit of investment in PPF (Public Provident Fund) should be increased to 3 lakh rupees! More than 7000 Engineers, Doctors and Chartered Accountants are connected to Terapanth Professional Forum!
The standard deduction will be increased to one lakh rupees
TPF has demanded to increase the standard deduction to one lakh rupees! Let us tell you that at the moment this deduction is only 50 thousand rupees! If the government accepts this demand in the budget, then you can get relief in tax (Tax Saving)! The standard deduction is the amount that is deducted directly from your salary! Yani if your annual income is 10 lakh rupees! So according to the current rules, the government will consider your income as 9 lakh 50 thousand rupees! At the same time, if this deduction is increased to 1 lakh rupees, then according to the new rules, the Income Tax Department (Income Tax Department) will consider the income of 10 lakh rupees as 9 lakh rupees!
Will be able to invest more in PPF
There is no change in PPF (Public Provident Fund) till now! However, TPF has now demanded that the maximum limit of investment in PPF be increased! Let us tell you that currently only 1 lakh 50 thousand rupees can be invested in PPF account in a financial year! TPF has demanded to increase it to three lakh rupees! But according to the rules of the Income Tax Department!
Income Tax Saving News
Whatever amount is invested in PPF (Public Provident Fund)! It is exempted under Section 80C of the Income Tax Department Act! In this case, if the amount of investment in this budget is increased to 3 lakh rupees, then the taxpayers will be happy! Because on investing in this scheme, the entire amount becomes tax free! This is exempted under the Income Tax Department Act!