Financial Daily from THE HINDU group of publications
Monday, Mar 04, 2002
Financial Daily from THE HINDU group of publications Monday, Mar 04, 2002 |
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To save or not to save
Many salaried employees were saving till now because of Section 88 of the I-T Act. Many have opened PPF accounts and taken LIC policies and, in most cases, the deductions are done through the salary. These commitments are invariably for long periods of 15-20 years. Reducing the tax exemption under Section 88 from 20 per cent to 10 per cent would be a severe blow to the salaried class. One hopes Mr Sinha would re-think on this clause, and bring back 20 per cent exemption under Section 88. S. A. Srinivasa Sarma Hyderabad
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