Looking back at Budget 2012: How it affected taxpayers
VineetAgarwal: Feb 26 2013, 22:11 IST
individuals a deduction of R5,000 from their taxable income to cover the costs incurred for preventive health check-ups for self, spouse, children and parents. This benefit was provided within the overall limits specified under Section 80D of the IT Act. Many people have availed this tax benefit for the expenditure, which they were anyway incurring earlier.
Rajiv Gandhi Equity Savings Scheme
The Rajiv Gandhi Equity Savings Scheme (RGESS) was proposed to be introduced during the year.
According to the scheme, it would give first-time investors a maximum tax benefit of R5,000 on a maximum investment of R50,000. This scheme has only recently been given more clarity and it is likely that people will invest money in February and March and avail tax benefit for the current year.
The last year’s Budget saw a mixed bag of tax benefits being rolled out for individuals. A lot is expected from the FM in the forthcoming Budget. Of course, he has to do a fine balancing act as he will have to manage the fiscal deficit also.
The author is a director with KPMG. The views expressed are personal
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