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Budget 2019: Modi govt wins hearts! From Income Tax to TDS, key takeaways for salaried individuals, tax payers
Piyush Goyal said that around 3 crore middle-class taxpayers will get tax exemption due to this measure. Overall, this Budget 2019 was big win-win for salaried individuals.
Budget 2019 Income Tax Slabs: Narendra Modi-led government literally won hearts of income tax payers as Finance Minister Piyush Goyal while presenting announced that Individual taxpayers with annual income up to Rs 5 lakh rupees to get a full tax rebate. Piyush Goyal said that around 3 crore middle-class taxpayers will get tax exemption due to this measure. The entire House welcomed the I-T announcement by Piyush Goyal. Not only this, even Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities. Overall, this Budget 2019 was big win-win for salaried individuals.
Budget 2019: Here are top points every tax payer should know:-
Individual taxpayers having annual income upto Rs 5 lakh will get a full tax rebate.
Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities
Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees
TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees
Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved until the end of 2019-2020
A benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime.
TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees
Also, presenting the Budget 2019, Piyush Goyal announced schemes for farmers and workers of unorganised sector as well.
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