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Synopsis
Considering the present situation, the common man expects the Finance Minister to liberalise provisions of section 80D and expand its scope to include medical expenditure incurred by taxpayers on COVID-19 or any other ailment , without the restriction of age or availability of medical insurance.
Dear FM, here are 5 personal finance ideas for Budget 2021 from us to you
The Finance Minister is set to present a paperless Union Budget on February 1, 2021, and has her task cut out given that the fiscal year 2020-21 has been challenging and unprecedented for the government as well as the common man. While the government has made several efforts to provide relief through stimulus packages, this year is a bigger test as they will have to master the balancing act of managing the burgeoning fiscal deficit and the expectations of the taxpayers.
Read more about What the lay citizen and the experts want the Budget to deliver on Feb 1 on Business Standard. Top of the wish list is an increase in deduction under Sections 80C, 80CCC and 80 CCD(1) from Rs 1.5 lakh to Rs 2.5 lakh