The Finance Minister should raise the limit of Rs 1 lakh to Rs 1.5 lakh for exemption under Section 80C of Income Tax Act. Now the bank deposits above five years are eligible. Decrease this to three years. Introduce 5 per cent tax slab from Rs 1.50 lakh to Rs 1.75 lakh. Increase the eligible tuition fees limit because the cost is too high. Reduce the eligible age limit for senior citizens to 60 years and increase the non-taxable limit to Rs 2 lakh against the limit of Rs 1.85 lakh.
Introduce a health and education fund by deducting Rs 10-20 from everybody each month. It would be distributed as subsidy for education and medical treatment as per certain norms to those who earn less than Rs 1 lakh a year.
