Increase in 80C deduction ?? Budget Feb – 2023 Ahead

What is section 80c of income tax act ?? Section 80C deduction allows savings upto INR- 1,50,000 for tax payers.

The demand for the rise in 80C limit is been observed since past two years as the inflation is raising and making the expenses of middle class increase day by day.

Saving is the best option available for the people to make themselves stable to face the inflation such that indian economy can also get a boost from the expenditure made by common man.

Budget which is to be presented in the month of february have high expectation from middle class section 80c provides a facility to save the money under various saving options.

Will be providing a overview on few deductions under section 80C.

• Tax Saving Deposits
• ELSS funds
• PPF
• Sukanya Samriddhi Yojana
• Tution Fees

80CCD deduction :

This section provides deductions for NPS account holders where additional INR- 50000 is added to savings under 80C.

NPS is a retirement scheme provided for citizens to have a monthly pension after the age of 60 Years. The amount added in this account is invested in market i.e., public, private sectors for more returns.

Can join or create account under NPS

Increase in 80C deduction :

Increase in 80C deduction, will there be a rise in savings of the middle class ?? an overview of the current situation

There is a demand for the rise of deduction limit under section 80C currently the limit is INR- 1,50,000 been expected to rise by 1 lakh that is INR- 2,50,000.

This is a request by various organisations and common people official decisions needs to be taken by central government.

In the month of february the final budget of current government is expected so there is huge expectations from this budget.

Budget Session :

Get latest updates of Budget 2023 from https://www.indiabudget.gov.in/

Saving :

Get started with savings scheme.