Budget 2014: CII Bats for More Tax Deductions

The Confederation of Indian Industry (CII) in its pre-budget wish list has called for more tax deductions on home loans as well as medical expenses. Under Section 24 of the Income Tax Act, "interest on housing loans should be increased to Rs 5 lakh", the industry body said. The existing limit is Rs 1.5 lakh. With regard to the deduction for health insurance premium, the industry body suggested that the limit should be raised ...