04 Feb, 2015 9:30p.m.

RBI Governor pushes for raising IT savings limit beyond 1.5 lakh

Days ahead of the Budget, Reserve Bank Governor Raghuram Rajan today pitched for increasing the tax exemption limit on financial investments by individuals from Rs 1.5 lakh a year.

Acknowledging that there was a Rs 50,000 increase in the limit in the last budget to Rs 1.5 lakh a year, he said benefits of this instrument have been lost over time as the limit was anchored at Rs 1 lakh for a long time.

"Remember the government increased the limit for tax benefit in savings by Rs 50,000 in the last budget. The question is -- is there room for more primarily because the real tax benefit has fallen over time because the limit was at Rs 1 lakh for a long time. Maybe what we have to do is increase that," Rajan said on a call with analysts.

Read more @ http://economictimes.indiatimes.com/news/economy/finance/rbis-rajan-for-raising-savings-limit-beyond-rs-1-5-lakh-for-tax-benefits/articleshow/46122263.cms

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