No tax for annual income upto Rs 5 lakh, says Piyush Goyal

No tax for annual income upto Rs 5 lakh, says Piyush Goyal

No tax for annual income upto Rs 5 lakh, says Piyush Goyal

Congress president Rahul Gandhi criticized the farmers' scheme introduced by Finance Minister Piyush Goyal in the Interim Budget 2019. Additionally, Piyush Goyal also announced that those having a gross income of up to Rs 6.5 lakh a year can get full tax rebate if they make investments in provident funds and other similar investments.

TDS limit on bank deposits raised from Rs 10,000 to Rs 40,000. Under the current norms, they are required to seek a refund on tax deducted on interest income beyond Rs 10,000 per annum.

Those earning less than Rs 10 lakh can still benefit because of the increase in the limit of exemption available on house rent and children's tuition fees.

Though the income-tax slabs have remained unchanged, now individuals with a net taxable income of up to Rs 5 lakh are exempt from paying any income tax for this fiscal.

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And, for a family of three comprising husband, wife and a senior citizen, this may result in nearly no tax till a combined income of Rs 25 lakh per year. No tax on notional rent on second house.

"This will provide the benefit of Rs 18,500 crore rpt crore to 3 crore middle-class taxpayers self-employed, senior citizens", he said, adding the number of beneficiaries will go up for those who have made investments in mediclaim and pension. So, we will give a rebate of Rs 12,500 straight so that everyone who is filing a return up to Rs 5 lakh of net income will absolutely be a tax exempt case.

Further, standard deduction has been raised from Rs 40,000 to Rs 50,000, which will benefit 30 million salaried individuals.

Soon after the Budget was presented in the Parliament by Piyush Goyal, PM Modi addressed media and said that the interim Budget is just a trailer of the budget which, after elections, will take India on the path to development.

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