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Sunday, February 3, 2019

Budget 2019 Highlights: No Income Tax For Those Earning Up To Rs. 5 Lakh




* Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate.

Read: Only those with income up to Rs 5 lakh to pay no tax, rates remain same for all others

* 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 rental income raised from 1.8 lakh to 2.4 lakh rupees.

* “Around 3 crore middle-class taxpayers will get tax exemption due to this measure,” the finance minister said.

* Gratuity limit increased from 10 lakh to 30 lakh rupees.

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