A majority of taxpayers want Finance Minister Arun Jaitley to raise the basic exemption limit as also the tax deduction under Section 80C. Only 5% of the 829 respondents to an online survey conducted last week said the basic exemption and tax deduction limit should be kept unchanged in the Budget. While 52% of the respondents wanted the basic exemption limit to be raised to Rs 3 lakh, 43% wanted the limit to be linked to inflation and automatically raised every year. That's a good idea and could reduce the speculation generated in the weeks before the Finance Bill is tabled in Parliament.
