Standard Deduction Limit Hike

Among the key expectations is a possible increase in the standard deduction limit from the existing Rs 50,000, under the old income tax regime.

Section 80C Limit Increase

The Rs 1.50 lakh deduction available under Section 80C remains one of the top reasons why salaried individuals go for the old income tax regime.

Higher Limit For Section 80D

In the context of the pandemic's impact on health, there is a call to increase the limit under Section 80D for health insurance.

House Rent Benefit

The current deduction limit for house rent under Section 80GG, at Rs 60,000 annually, is considered inadequate due to rising residential prices.

Income Tax Rebate Increase

Tax rebate is also in focus, with expectations for an increase to Rs 7.5 lakh.

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Home Loan Tax Benefit

It is worth noting that Homebuyers are seeking changes in Section 24(b), which currently limits the deduction for interest on home loans to Rs 2 lakhs.