Budget 2012: Segments Expected to Get a Hike

By siliconindia   |   Thursday, 16 February 2012, 00:43 IST   |    1 Comments
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Bangalore: The drumbeats over the forthcoming budget are getting louder as the time for the D-day is heading close. All eyes are fixed on the Finance Minister, Pranab Mukherjee when he presents his budget for 2012-2013. The budget is scheduled to be presented in the Parliament by the third week of March. The budget 2012-2013, talks about the new tax slabs, licensing of new private banks etc. But there are a list of things which will see a change and most possibly a hike. Here is the list of the things which will see a hike:
Tax Deduction and Exemption
Tax Deduction and Exemption Whether you are an ordinary salary earner, a businessman or an investor, the Union Budget will affect you directly or indirectly. The income tax exemption limit is proposed to get a rise of 3 lakh from 1.8 lakh. There is no change in tax exemption limit for women. The age limit has been reduced from 65 to 60 for senior citizens and their tax exemption limit will be 2, 50,000. Besides that a new exemption bracket has been created for people above 80 years of age and their tax exemption limit will be 5, 00,000. This will have a huge affect on the pattern of savings and spending of salary earners. Other factors like increased tax deduction on housing loans will also affect the buyer demand for homes significantly.

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