Interim Budget 2019: No Need to Pay Income Tax up to 5 Lakh
Income Tax Exemption for Individuals up to Rs.5 Lakh per annum
Finance Minister Piyush Goyal has announced that no need to pay income tax for individuals with income upto 5 Lakh for the financial year 2019-20
Along with the increase the exemption limit, individuals with gross income upto 6.5 Lakh will not have to pay any income tax in the FY 2019-20, if the individual make investments in Provident Fund or any other investments under section 80C.
The Standard Deduction also increased form Rs.40,000 to Rs.50,000. This hike also may help to reduce the taxable income for salaried employees further.
TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees
TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees.
Interim Budget 2019-20 was presented in Parliament today by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal. Besides having a major Scheme for the farmers, it provides tax sops and sets the Developmental Agenda for the years to come.
A New Deal for 12 Crore Small and Marginal farmers with direct income support, a path breaking Pension initiative for 10 Crore unorganized sector workers, exempting income up to Rs 5 lakhs from Income Tax, reforms in stamp duty, highest ever budgetary allocation of Rs 3 lakh crore for Defence, record allocation of funds at Rs 58,166 crore for North Eastern Areas, a new AIIMS for Haryana, single window clearance for Indian film makers at par with foreigners and higher budgetary allocations for Education, Health, Infrastructure and for the welfare of weaker sections including Scheduled Castes and Scheduled Tribes, a Separate Department of Fisheries for welfare of 1.5 crore fisherman are some of the major highlights of the Interim Budget 2019-20.