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Don't Raise Tax Exemptions: Arvind Subramanian to Arun Jaitley

Income Tax relief on small savings schemes such as public provident fund (PPF) and subsidies on commodities such as cooking gas and electricity, benefit the "well-off", and cause a loss of Rs. 1 lakh crore to the exchequer, according to the Economic Survey.

The annual document, drafted by Chief Economic Advisor Arvind Subramanian, described the "leakage" as opportunity foregone to help the "truly" deserving.