|
Budget 2012: positive proposals for the common man1. Introduction of the Rajiv Gandhi Equity Savings Scheme which allows for 50% deduction in taxable income up to Rs 50,000 for individuals having an annual income less than Rs 10 lakh. However, the scheme will have a lock-in period of 3 years. 2. Increase in the basic I-T exemption limit from Rs 1.8 lakh to Rs 2 lakh, with the upper limit of 20 per cent tax slab proposed to be raised from Rs 8 lakh to Rs 10 lakh. 3. In another relief to the individual taxpayers, a deduction of up to Rs 10,000 has been proposed for interest from savings bank accounts. 4. Senior citizens not having income from business proposed to be exempted from payment of advance tax. 5. Proposal to allow deduction of up to Rs 5,000 for preventive health check up. 6. School education to continue to be exempted from service tax. 7. Housing loan up to Rs 15 lakh to continue to get an interest rate subvention of 1% for houses priced up to Rs 25 lakh. 8. The decision to allow external commercial borrowings (ECB) for low cost affordable housing projects is expected to give a much needed boost to the affordable housing segment. This will further help in bridging the demand supply gap in the affordable housing segment. 9. Setting up of the Credit Guarantee Trust Fund to ensure better flow of institutional credit for housing loans will have a great impact on the prospective customers going for affordable homes. 10. Education loan to become more accessible with the proposed setting up of the Credit Guarantee Fund. |
