The Ministry of Finance is working to phasing out the direct tax exemptions like housing loans, tax concession on PPF and LIC and scholarships for education, backward area concessions for industry, long term capital gains and concessions for agricultural income.

These exemptions have been put on notice by the government, for eventual phase out. Further, the Ministry of Finance wants to know the opinion of the public regarding the fphasing out of the tax sops. A list of 162 exemptions and deductions have been put up for public comments by the Central Board of Direct Taxes for being erased from the Income Tax Act.

These Tax benefits would be eventualy phased out in time to come.

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