RBI, banks look out higher tax sops under section 80C

Author yuvamind

NEW DELHI: The Reserve Bank of India and financial sector executive on Tuesday made a strong way for getting higher incentives for savings including raising the tax benefit for investing money in fixed deposits and public provident fund to Rs 2.5 lakh from Rs 1.5 lakh currently.
According to source, Reserve Bank of India deputy governor Urjit Patel thump the customary pre-budget counseling with finance minister Arun Jaitley with a suggestion to pointedly rising savings, which was followed by demands to raise the cap by bankers as well as insurance companies. "We need to increase the savings rate in the economy and take it back to 35% of GDP. For that, enhancing section 80C (of Income Tax Act) to Rs 2.5-3 lakh will be helpful," Yes Bank MD & CEO Rana Kapoor said. Bankers said the ceiling should be enhanced, especially at a time when real interest rates had turned positive after several years. Taking a indicate from RBI ' s Patel, Life Insurance Corporation chairman SK Roy suggested that the government could impose sub-limits within the section 80C exemptions. ,
SUBSCRIBE YUVAMIND NEWSLETTER
COPYRIGHT © 2024 YUVAMIND. ALL RIGHTS RESERVED. THE LOGOS/IMAGES ARE SHOWN ON THIS WEBSITE BELONG TO THE RESPECTIVE OWNERS / PATNERS.
Disclaimer: Yuvamind doesn't provide admission on its own, the website has published the details are based on research OR provided by the second party to help the aspirants, If you find inappropriate contents on this website please tell us, your suggestions shall be highly appreciated.