Decoded! Income tax slabs exemption relief! Do not pay tax up to Rs 6.5 lakh now, Piyush Goyal puts money in your pocket in Budget 2019
Budget 2019: Yes! Do not pay income tax now if you earn as much as Rs 6.5 lakh! As was expected from Prime Minister Narendra Modi, his government will give respite to salaried employees in different sectors. Finance minister Piyush Goyal today in the interim budget 2019 gave this good news to taxpayers in Parliament. Here are key takeaways of the proposals.
1. Individuals with income up to Rs 5 lakh will not have to Pay any income tax. Image source: IANS
2. Further, since Rs 1.5 lakh relief for taxpayers is there under section 80C, he pointed out that those having income up to Rs 6.5 lakh need not pay any tax if they do savings in specified investments. It is unclear if section 80 D and other health insurance benefits can be loaded on top of this too. Image source: IANS
4. The finance minister further added one more benefit for income tax payers, as he raised Standard deduction amount from present Rs 40,000 to Rs 50,000. Image source: Reuters
5. He also proposed Levy of Income Tax on notional rent on second house to give respite to people having two houses in two cities. Image source: PTI
6. Goyal also proposed TDS threshhold limit on savings also. Image source: PTI