Budget 2014 could see a hike in the income tax exemption limit of one of the most popular tax saving sections – 80C. The current exemption limit under this section is Rs. 1 lakh for a financial year.
Finance Ministry is considering doubling this limit to Rs. 2 lakh, which could be great news for all tax savers. The current limit seems to be too low and there have been demands from various sections to hike the limit.