FICCI for 30 pc income tax on income above Rs 20 lakh

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Press Trust of India: New Delhi, Dec 23 2012, 23:29 IST

deduction for educational expenditure for children from Section 80C and provide under a separate provision like Section 80D of the Act for medical insurance.

Tuition fee is eligible for deduction under section 80C of the Income Tax Act. The Chamber is also for raising the tax exemption limit on expenditure in medical treatment.

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Naren Joshi | 24-Dec-2012Reply | Forward

The suggestion is indeed very sensible and the Govt. will do well to heed it. It is in fact high time the Govt. took a hard comprehensive look at the whole direct tax regime.In addition to rationalisation of the applicable rates to various slabs what is needed is further simplification of the tax administration. Steps like this should help in bringing more people within the tax net and improve compliance