Budget 2019: 11 Highlights From Govt’s Last Budget Before Polls

Piyush Goyal's father Ved Prakash or'Vedji was a long-time BJP treasurer

So the tax rate of 5% for income slab between ₹2.5 lakh and ₹5 lakh for non-senior tax payers still applies.

Finance minister Piyush Goyal presented the Union Budget 2019 in the Lok Sabha on Friday.

The tax deductible at source (TDS) threshold on interest income from bank, co-operative society and post office deposits (other than interest on securities) has been raised.

For senior citizens aged 80 years and above, income up to Rs 5 lakh was exempt from tax.

Income tax refunds within 24 hours Income tax refunds will be processed within 24 hours and released immediately. "It is definitely a significant budget from the income tax perspective", said Viabhav Agrawal, Head of Research, Angel Broking. Around 3 crore middle class taxpayers will get tax exemption due to this measure.




Goyal further announced an increase in standard tax deduction for salaried employees from the current Rs 40,000 to Rs 50,000. "Now, if your total taxable income is Rs 5 lakh or less, you do not have to pay any tax", says Archit Gupta, founder and CEO, ClearTax. This benefit, however, can be availed once in a lifetime. The TDS threshold on rental income has been raised from 1.8 lakh to 2.4 lakh rupees. The interim Budget proposes to increase the limit of rebate from a taxable income of Rs 3.5 lakh to Rs 5 lakh. Income from Rs 5 lakh to Rs 10 lakh was taxed at 20 per cent and above Rs 10 lakh was at 30 per cent. This comes as a much needed relief for not only small tax payers but also for the economy that has seen some decline in consumption growth. When this amount is taxed at 5 per cent, the tax liability is Rs 12,500. However, that may currently be limited for now and they will have to wait till the full budget in July 2019 for the status quo to continue.

The minister said that the direct tax collection has increased to Rs12 lakh crore in the 2018-19 financial year from Rs 6.38 lakh crore in 2013-14.

While the rebate is applicable only on individuals with taxable income up to ₹5 lakh, those who earn more can also benefit if deductions are included.

Analysts are expecting a pick-up in consumption in the wake of higher tax rebates.

This will not mean any tax benefit, but it will result in greater convenience.

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