Could we see higher exemptions under section 80C in the Budget?

There are a lot of speculations in the media about a hike in tax exemptions under section 80C. Experts suggest that the Finance Minister Nirmala Sitharaman may raise Income Tax deduction limit under Section 80C of the Income Tax Act up to Rs 3 lakh in the upcoming Budget. Currently, under Section 80C, a deduction up to Rs 1.5 lakh can be claimed for investments made in various instruments like PPF, five-year bank FDs, Provident Funds, Life Insurance premium paid etc. Tax payers also expect the government to enhance the existing benefit of NPS from Rs50,000 to Rs1 lakh.