News: PPF, 80C limits raised for taxpayers

Compensation & Benefits

PPF, 80C limits raised for taxpayers

The Union Budget has provided some relief for tax payers and small savers. They can now save a higher amount from tax through eligible investments in tax-savings instruments. Currently the maximum amount eligible for deduction through permissible investments under 80C of the Income-Tax Act is Rs 1 lakh. This has been enhanced to Rs 1.5 lakh. In a parallel development, the maximum amount that can be invested under the public provident fund (PPF) has also been increased to Rs 1.5 lakh per annum from Rs 1 lakh currently.

The Union Budget has provided some relief for tax payers and small savers. They can now save a higher amount from tax through eligible investments in tax-savings instruments. Currently the maximum amount eligible for deduction through permissible investments under 80C of the Income-Tax Act is Rs 1 lakh. This has been enhanced to Rs 1.5 lakh. In a parallel development, the maximum amount that can be invested under the public provident fund (PPF) has also been increased to Rs 1.5 lakh per annum from Rs 1 lakh currently.

Read the Hindu Business Line news report here.

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Topics: Compensation & Benefits, #Current, #National, #TotalRewards

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