Income tax to be exempted on following for salaried class who are worst hit and end up pay huge amount of tax, while business class enjoy all the benefit: Medical Rs 60,000/-(maximum upto 4 members in family) per annum, School education fees for Girl child for Rs 15,000/- per annum for maximum 2 girls in family, Conveyance Rs 20,000/- per month, House Rent / Own house Rs 25,000/- per month, Electricity Charges Rs 2500/- per month, LTA Rs 50,000/- per anum, Entertainment for family Rs 24,000/- per annum,LIC premium payment limit of maximum Rs 3,00,000/- per annum to be fully exempted from Gross salary, House Loan for atleast 2 houses to be exmpted on Principal amount and Interest paid to bank. Moreover, slab system to continue but the ITax so charges to be maximum 10-15% on Nett Income to encourage everyone to enjoy happy, healthy life and to pay premium happily.
