80C contribution should be based on previous year IT returns
At present, 80C contribution by an individual is fixed irrespective of income earned. In countries like USA, Canada, UK, the equivalent to 80C for retirement savings-based contributions will be proportionate to the IT returns filed in earlier year.
Also, there will be provision for EPF-like contribution for self-employed people which will usually be twice the maximum amount contributed for a working person since Employer contribution will also be borne by the self-employed person.
By these amendments, the contribution to country will increase and people tend to declare more income so that they can save more for future. Most people in India do not have pension benefits and we have to rely on these type of savings to maintain same lifestyle after retirement.
Request you to consider the above amendments in upcoming budget session for the benefit of nation.
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