Financial institutions and banks urged Finance Minister Arun Jaitley to increase the deduction limit from 1 lakh ( from ₹1 lakh to say ₹2 lakh) under Section 80C of the Income Tax Act.
Pre-budget meetings have become hot topic in the national capital and many suggestions were made to the finance minister.
Even Arun Jaitley wanted to look into the matter before he was alerted by his experts team every ₹1 lakh increase would lead to a revenue drop of ₹31,000 crore for the exchequer.
Well if this is the case, Arun Jaitley cannot move forward and increase the deduction limit, so he should turn a deaf ear to the suggestions given by banks and financial institutions.
Tough times ahead Mr. Jaitley!
