No tax for annual income upto Rs 5 lakh, says Piyush Goyal
02 February, 2019, 06:39 | Author: Bennie Parsons
Finance Minister Piyush Goyal on Friday doled out tax sops to middle class including doubling of income tax exemption limit to Rs 5 lakh, raising standard deduction to Rs 50,000 and provided concessions on interest income from bank deposits and rent.
A person who earns up to Rs 6.5 lakh per annum can effectively bring down the next taxable income to Rs 5 lakh with proper investments and escape paying any tax, according to experts.
Also Read| Budget 2019: No tax for Rs 5 lakh income, says FM.
The tax Deducted at Source (TDS) threshold has been increased to Rs 40,000 from Rs 10,000.
"Those with income upto Rs 5 lakh will not be required to pay any tax", said Piyush Goyal, adding that individuals earning gross income of Rs 6.5 lakh per year with investments for savings would be exempt from tax. For people earning more than Rs 5 lakh annually, the "old" tax rates will continue. Goyal said the tax scrutiny would be done electronically eliminating any interaction between the tax authority and the taxpayer.
The Budget also proposed to exempt tax on notional rent for unsold housing units for two years.
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. This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.
Pension scheme for unorganised sector workers for monthly income up to Rs 15,000.
"The salaried employees will get an additional benefit of Rs 10,000 under standard deduction".
All those earning up to Rs 5 lakh a year will now receive a full tax rebate. The finance minister announced that within the next two years, the assessment of all tax returns will be done electronically without any personal interface.
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