Live
- Six Useful Strategies to Control Your Heart During the Pollution Season
- Phalodi Satta Bazar Predicts Close Race in Maharashtra Assembly Election 2024
- Federer Pays Heartfelt Tribute to Nadal Ahead of His Retirement: "An Epic Career"
- Odisha holds successful mega investors roadshow in Singapore
- PGTI Tour: Top stars to fight for honours in Servo Masters Golf
- SC upholds termination of LIC employee for absenting himself without intimation
- ‘Stone me or shoot me, won’t spare anyone,’ says Anil Deshmukh after discharge
- Siddaramaiah, Shivakumar turning Karnataka into Pakistan: K’taka BJP
- Zimbabwe records 70 suspected cholera cases, one death amid new outbreak
- Babri demolition day: No Assembly proceedings in Bengal on Dec 6
No tax for individual incomes up to Rs 5 lakh
In a bonanza for the countrys middle class in an election year, the government on Friday proposed tax exemption for individual annual incomes of Rs 5 lakh
New Delhi: In a bonanza for the country's middle class in an election year, the government on Friday proposed tax exemption for individual annual incomes of Rs 5 lakh.
Presenting the Interim Budget 2019-20, acting Finance Minister Piyush Goyal proposed doubling the standard deduction threshold for individual annual incomes from the current Rs 2.5 lakh to Rs 5 lakh.
Key Points
* Individual taxpayers with annual income up to Rs 5 lakh will get full tax rebate.
* Around 3 crore middle class taxpayers will get tax exemption due to this measure.
* Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities.
* Tax base up from 3.79 crore to 6.85 crore
* Standard tax deduction for salaried persons has been raised from Rs 40,000 to Rs 50,000.
* Tax deduction at source (TDS) threshold on interest on bank and post office deposits has been raised from Rs 10,000 to 40,000.
