Investments For 2010
Are there any major changes likely in the Sec 80C benefits of Income Tax in 2010 budgets?
I heard from some contacts that there is a proposal to significantly change Sec 80C benefits in the budget for 2010. The chnages are on the following lines:
1. Increase the investment limit from 1 lac to 5 lac, I think
2. Make the matured amount taxable
3. The above to be applicable for the Investments done later than 31-Mar-10. The maturity amount on the investment prior to that will continue to be non-taxable
Wanted to check if this is true, and if somebody else on the forum has also heard of anything similar. If yes, please share with me the details if I am missing anything, and also whether it will be beneficial to the income tax payers or not. Also, what steps are suggested to make the best use of this change.
Thanks.
The Income Tax Act, 1961 will be replaced by a New Direct Tax Code from 01.04.2011.
The proposals for the New Direct Tax Code are available on the net. They are just proposals yet, nothing is concrete.
HMT
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