Extend Sec 80 C limit to Rs 3 lakh
Extend the limit of Section 80 C of the Income Tax Act from Rs 1 lakh to Rs 3 lakh. Section 80 L exemption of interest on bank deposits should be restored. A special incentive should be given for personal expenditure made through credit or debit cards. A 10 per cent deduction from the taxable income subject to an overall ceiling can be given. This will reduce the quantum of physical currency and discourage tax evasion through non-billing or under billing. Thus preventing t he pilferage from sales tax and service tax.
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