N Venkat
3 साल 10 महीने पहले
Businesses need not survive beyond their economic need or social need. But Individuals will live beyond their normal earning life. They need to save funds during their earning lives to be able to take care of their economic needs in their older age when they are in retirement, i.e. they are beyond their earning lives.
The idea of incentivising long term savings like PF, PPF etc. arise from this need. Similar is the idea to incentivise life insurance and home ownership. Also the need for medical insurance.
Chapter VIA deductions are for these. But the amounts are scattered on multiple sections and are small. There is a need to simplify these deductions and enhance their amounts.
Individuals need to save for their post earnings lives as well. Else this burden would fall on the State as social security. The deductions like 80C aim to incentivise that. These need to be liberally enhanced.
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