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There is also a need to amend Section 14A, Rule 8(d), which seeks dis-allowance of expenses.Inclusion of divided in 'exempted' income is misleading and untrue because dividends are already taxed under DDT.On the other hand, an employee can claim deduction for up to 10% of his income under Section 80CCD(1) within the overall limit, and a further deduction of employer's contribution of up to 10% of salary under 80CCD(2), without any overall limit.To bridge this gap, the overall limit for self-employed taxpayers should be raised to match the benefits available to salaried employees.1) Increase duration for education loan deduction Under Section 80E, the interest paid on an education loan from a qualified lender can be claimed as a tax deduction.But this benefit is available only for a maximum of eight financial years.This would encourage young Indians to seek top-grade education and build a strong foundation of human capital.2) Raise limit for tax deduction for NPS contribution by self-employed Under Section 80CCD (1), there is a cap on the tax deduction that self-employed taxpayers can claim on contributions to the NPS.

However, for self-employed taxpayers this comes under the overall deduction limit of Rs 1.5 lakh under Section 80CCE.3) Abolish dividend distribution tax The dividend distribution tax (DDT) discourages companies from paying dividends, which dampens investor confidence.The DDT should be removed to improve investor sentiment.Admittedly, some of these measures, like a longer tenure for education loan deduction, a separate deduction limit for pure protection term plans or making NPS investments tax free, will have an impact on revenue collections.The government, already under pressure to rein in the fiscal deficit, may not be able to introduce all such measures.

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