Friday, 1 February 2019

Budget 2019 live updates: No income tax for those earning up to Rs. 5 lakh : Budget 2019 Income Tax Slab Rates Changes Expectations

Budget 2019 live updates: No income tax for those earning up to Rs. 5 lakh  : Budget 2019 Income Tax Slab Rates Changes Expectations

Budget 2019-20 India Income Tax Slab Rates Changes: Announcing the Interim Budget, acting finance minister Piyush Goyal on Friday proposed that individuals earning up to Rs 5 lakh would get a full tax rebate for this fiscal. This will provide tax saving of up to Rs 12,500 for all taxpayers in this bracket. Those who save more can effectively push this rebate up to an income of Rs 6.5 lakh

Since this is a rebate and not a slab change, it will not impact the tax incidence of those with larger incomes though it will have some impact for those whose salaries are under Rs 10 lakh as they can add home loans and tuition fees to get additional benefits.

Budget 2019 live updates: No income tax for those earning up to Rs. 5 lakh

Even though Prime Minister Narendra Modi made it clear that his government will be presenting an Interim Budget, expectations are high.

Union Finance Minister Piyush Goyal on Friday presented his maiden Budget in the Lok Sabha. In the "Interim Budget", he outlined the government's proposed vision for 2030, announced sops for the middle-class tax payers and an annual dole for small farmers.

Mr. Goyal also utilised the opportunity to take through the various schemes introduced by the Narendra Modi-led National Democratic Alliance government in the past years.

He recites a poetry in Marathi: "I keep one foot, thousands of paths open up. For new India, we have taken such empowering steps that endless possibilities have opened up."

"We have only created the foundation now, now with the people together we will make a huge building of this country. Our intent is clean, policy is clear and resolve is unshakeable. With this I commend the Budget to the House," he concludes.

12:30 PM
Now comes the tax proposal part of the Budget. Mr. Goyal praises the taxpayers, saying: "your tax provides toilets, healthcare, education and many more. Thank you tax payers!"

Individual taxpayers with income up to Rs. 5 lakh taxable income will get full tax rebate, Mr. Goyal announces.

Opposition Benches raise opposition, but Treasury Bench members chant "Modi! Modi!"

Even those earning ₹6.5 lakh will not have to pay tax, if they invest in specified savings, Mr. Goyal adds.

The tax slabs, however, will remain unchanged. An estimated three-crore middle class taxpayers will be benefitted, he states.

TDS on fixed deposits and postal deposits will be exempted for interest earned upto Rs. 40,000 from Rs. 10,000 currently.

Exemption on TDS on rent has been increased to Rs. 2.4 lakh. The benefit of rollover on capital gains upto Rs. 2 crore will be increased to investment on two residential houses. This benefit can be availed only once in a lifetime

Budget 2019 live updates: No income tax for those earning up to Rs. 5 lakh  : Budget 2019 Income Tax Slab Rates Changes Expectations

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Budget 2019 live updates: No income tax for those earning up to Rs. 5 lakh : Budget 2019 Income Tax Slab Rates Changes Expectations Rating: 4.5 Diposkan Oleh: INDIA

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