Seeking to boost household savings, the government on Thursday hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh.
Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income-Tax Act.
The announcement to hike tax savings limit was made by finance minister Arun Jaitley in his speech while presenting the Union Budget, 2014-15.
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