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RBI Governor pushes for raising IT savings limit beyond 1.5 lakh




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04 Feb, 2015 9:30p.m.

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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