by abhishek soni there is widespread hope that the forthcoming union budget 2020 will cut personal income tax through a rejig of tax rates andor slabs however in addition to this there are several other tax benefits that budget 2020 should implement some of these include an increase in i the limit of investment under section 80c of income tax act ii family pension exemption limit iii section 80tta deduction for general citizens and iv hike in the amount spent on preventive health checkup allowed as a deductionincrease the investment limit under section 80c deduction under section 80c is a deduction from gross total income which can be claimed for investment in specified avenues or specified expenditures up till a specified limit the existing maximum deduction available under this section is rs 15 lakh which was set in 2014 since this deduction can be claimed for investment in many avenues and several types of expenditure the limit is easily exhausted very soon it is expected that the coming budget increases the limit to rs 25 lakhhike family pension exemption limitif any uncommuted family pension is received then it is exempt up to a certain extent the current exemption limit is rs 15000 or a third of the amount received whichever is lower the said limit of rs 15000 should be increased to rs 50000 considering the actual amount of pension nowadays and to provide genuine benefit to the receiver of the pension the family pension is taxable under the head income from other sources due to which benefit of standard deduction of rs 50000 which is available for salaried persons is also not available for family pensionincrease the limit under section 80tta and make deduction eligible for fd interest alsoin case of normal citizens ie nonsenior citizens presently deduction of rs 10000 is available on interest earned on savings accounts only it is expected that the budget would hike the limit of rs 10000 to rs 20000 and also make interest from time deposits fixed deposits eligible for this deduction generally people save less of their hardearned money in savings accounts due to very less interest rate and prefer to keep in fixed depositspreventive health checkup deduction up to rs 10000 a big amount of expenses are incurred by a common man on regular health checkups for self spouse children and parents but the maximum amount of deduction for preventive health checkup in total is rs 5000 it is hoped that budget 2020 will increase this at least up to rs 10000hike in tax threshold of ltcg on equitiesin budget 2018 tax on longterm capital gain ltcg of more than rs 1 lakh was introduced ltcg exceeding this limit is now taxed at 10 per cent without giving indexation benefit most salaried individuals invest in equities for longterm purposes and it is expected that budget 2020 will increase this exemption limit to rs 2 lakh to boost the indian capital marketthe author is cofounder and ceo tax2winin a taxfiling website