Budget 2019: Budget 2019 has brought much-awaited joy for income tax payers as the Narendra Modi government has doubled the tax rebate limit to Rs 5 lakh from earlier Rs 2.5 lakh. The salaried employees and common man were eagerly waiting for the budget amid the ongoing chatter around income tax reforms that could be introduced. CII has already demanded to double of income tax rebate to Rs 5 lakh and the government has paid heed to the popular demand. Besides this, the Standard Deduction has also been increased by Rs 10,000 to Rs 50,000.

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"Individual taxpayers having taxable annual income up to Rs 5 lakhs will get full tax rebate and therefore will not be required to pay any income tax. As a result, even persons having gross income up to Rs 6.50 lakhs may not be required to pay any income tax if they make investments in provident funds, specified savings, insurance etc. In fact, with additional deductions such as interest on home loan up to Rs 2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance, medical expenditure on senior citizens etc, persons having even higher income will not have to pay any tax. This will provide tax benefit of Rs 18,500 crore to an estimated 3 crore middle class taxpayers comprising self employed, small business, small traders, salary earners, pensioners and senior citizens," said Goyal in his speech.

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