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Of the 5.7 crore people who file their tax return, almost 1.5 crore have an income of over Rs 3.5 lakh.If their basic exemption is hiked by Rs 50,000, roughly Rs 75,000 crore will escape the tax net, resulting in a tax loss of Rs 3,750 crore (5% of the amount).It could become a permanent retirement account from which investments across multiple asset classes can be made annually.Considering inflation, a hike in limit for tax deductible savings is justified, but would result in a big tax loss.
Some experts have demanded the removal of tax on dividends.The interest paid on education loan can be claimed as deduction only for the first eight years. The government should extend this tenure to 12 years or more to ease the EMI burden.This tenure has remained unchanged since 2006 whereas tuition fees of top B-schools has risen sharply since.However, matching these expectations will be a challenge.
Already, as per the Budget estimates, the top 10 tax incentives will result in a revenue loss of Rs 75,252 crore this year .Extend tenure of tax breaks on education loans An MBA degree can set you back by Rs 25-30 lakh.