Indian Union Budget 2012: Individual Tax Survey

The eyeballs will be glued to the television in a short while from now, as India looks forward to its annual budget for FY 2012-13. Eurion Constellation conducted a survey of tax-related expectation of the average individual taxpayer. The results were enlightening with a good number of people favoring tangible measures to check inflation over an increase in the basic tax exemption limit and revamp of tax slabs.
The survey also indicated a paradigm shift in the saving habits of the taxpayers, who are looking forward to tax incentives for investments in equity markets. Here are the results of the study:

– 47.2% favored an increase in the basic tax exemption limit to Rs. 2.5-3 lacs
– 13.9% chose an increase in deduction under Section 80C to Rs. 1.5 lacs
– 13.9% looked forward to an increase in exemption for interest on home loans under Section 24 to Rs. 3 lacs
– 13.9% wanted to see tangible measures to check the unbridled inflation rate
– 8.3% voted for new tax incentives for investments made in equity-linked mutual fund schemes
– 2.8% favored a reduction or elimination of short-term capital gains tax on equity-related transactions
Amidst the compelling political pressure, concerns over inflation & its impact on the common taxpayer, and need for fiscal reforms, the Finance Minister’s job is likely to one of the toughest in the last couple of years.

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