00:00As the Union Budget 2025 is approaching, expectations have increased among the taxpayers for many reforms.
00:12The most major demand among them is to increase the limit of leave under Section 80C.
00:17Under the Income Tax Act 1961, it has been made at Rs 1.5 lakh since the last decade,
00:23while inflation and income are constantly increasing, but the limit of 80C has not increased for a long time.
00:29Let's know what are the possibilities this time, what can be announced about 80C, what is 80C and what are the options you get in it.
00:38First of all, let's understand what is Section 80C.
00:40Most of the taxpayers use Section 80C.
00:44It allows personal taxpayers and Hindu individual families to claim tax leave on investment and expenses.
00:52Under 80C, tax leave is given to taxpayers who file returns under the old tax regime.
00:58In the current system, a maximum of Rs 1.5 lakh can be taken out in a financial year.
01:04Now let's know what are the options in it.
01:071. Equity-linked Savings Schemes i.e. ELSS
01:102. PPF i.e. Public Provident Fund
01:133. National Savings Certificate i.e. NSC
01:154. Karmachari Bhavishya Nidhi i.e. EPF
01:175. Unit-linked Insurance Plan i.e. ULIP
01:206. Sukanya Samruddhi Yojana
01:227. SCSS i.e. Varishnagarik Bachat Yojana
01:268. Tax Savings Fixed Deposit for 5 years
01:299. Tuition Fees for 2 children
01:3210. Home Loan Principle
01:3411. Jeevan Beema Premium
01:3612. Contribution in National Pension System i.e. NPS
01:41Now let's know how to claim leave.
01:44To claim leave under Section 80C,
01:47taxpayers have to invest or spend in the financial year from April 1 to March 31.
01:53This amount has to be reported in the relevant section while filing income tax return.
01:59Attaching the investment and payment documents together makes it easier to process claims.
02:05Now let's understand what are the expectations from Budget 2025.
02:08Since 2014, the limit of Section 80C is fixed at Rs 1.5 lakh.
02:12Taxpayers and financial experts say that it should be increased according to the current economic situation.
02:19Investments such as PPF and Home Loan are included under Section 80C,
02:23which quickly ends the limit of leave.
02:25And if term insurance is placed in a separate leave category,
02:29it will encourage life insurance and provide better security to Indian families.
02:34Now let's understand what this limit means for taxpayers.
02:38If this limit is increased in Budget 2025,
02:41it will not only give relief to taxpayers,
02:43but will also encourage more investment in economic budget schemes.
02:47So now we have to see how much this 1.5 lakh leave limit in 80C is increased.
02:52What are your expectations? Do tell us by commenting.
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