Investment limit under section 80C raised to Rs. 1.5 lakh

Investment limit under section 80C of the Income-tax Act has also been raised from Rs. 1 lakh to Rs. 1.5 lakh and Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs.1.5 lakh to Rs.2 lakh.

To incentivize small entrepreneurs an Investment allowance at the rate of 15 percent to a manufacturing company that invests more than Rs. 25 crore in any year in new plant and machinery. The benefit to be available for three years i.e. for investments upto 31.03.2017. Investment allowance to manufacturing company investing more than Rs.100 crore announced last year to continue in parallel till 31.03.2015.

Source : Press Information Bureau

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