- #Budget2019 for Middle Class
- 1) IT exemption limit doubled to Rs.5L
- 2) Standard Deduction hiked from Rs.40K to Rs. 50K
- 3) TDS exemption on deposits hiked from Rs.10K to Rs.40K
- 4) Capital Gains exemption increased to Rs. 2 Crore
- 5) TDS threshold for home rent increased from Rs. 1.8L to 2.4L
Finance Minister Piyush Goyal announced some amazing changes regarding Income Tax exemption and deductions. The changes will definitely benefit the salaried employees as well as the Middle-class taxpayers of the country. The government has kept the income tax rates as before but introduced changes in the income tax exemptions.
He introduced the following changes that will surely woo the Aam Aadmi (Middle-class taxpayers):
- Earlier, taxpayers with ₹3 lakh per annum of income were given a full tax rebate. This slab has been raised up to ₹5 lakh per annum. Also, if a person makes an investment of ₹1.5 lakh in Provident Fund or defined equities then the total exemption limit will raise up to ₹6.5 lakh per annum.
- The raised exemption will save ₹13,000 for a person earning ₹5 lakh per annum and ₹2,600 for a person earning ₹3.5 lakh per annum.
- In Budget 2018, Arun Jaitley announced a standard deduction of ₹40,000 which has now been raised up to a standard deduction of ₹50,000 in #Budget2019.
- As compared to the previous years’ budget, ₹10,000 of interest income was exempted from tax. A major boost in the exemption of interest income is announced in 2019 Budget. It increased from ₹10,000 to ₹40,000. This will surely encourage investments.
- Rental Income experienced a hike from TDS beyond ₹1.8 lakh to TDS beyond ₹2.4 lakh per annum. I am sure, this is a sign of relief to landlords.
- Capital Gains experienced a hike, too. This means a person selling a property and reinvesting will receive a ₹30,000 threshold jump in Tax Deducted at Source (TDS). This will be allowed on bank interest and post office investments. The increased limit in Capital Gains is expected to boost the real estate market.
- ₹30 lakh of gratuity limit was announced in #Budget2019
Indian markets also responded positively and showed upward trends during the presentation of the #InterimBudget2019 ahead of Lok Sabha elections.
This interim budget is surely an advantage for an average salaried person. Although, it won’t affect the jobless or the seasonal employed workers. Following are some changes that have been introduced in #Budget2019 with an aim to build #NewIndia :
- 2% interest subvention for people involved fisheries and animal husbandry has been announced in #NewIndiaBudget
- There are approximately 10 crore workers in the unorganized sector of India. A pension scheme has been introduced to benefit these workers wherein workers above the age of 60 years will receive ₹3,000 per month if they invest ₹100 per month.
- Annual support of ₹6,000 per annum has been announced for farmers with less than 2 hectares of land.
Besides this, the Finance Minister also disclosed a whopping fact about the tax figures. He said that DTS experienced a boost from ₹6.38 lakh crore of TDS in 2013-14 to ₹12 lakh crore TDS.
Piyush Goyal also promises to make the Income Tax interface easy so that it will become easier for the taxpayers to operate pay returns. Tax Scrutiny will be done electronically. He promised anonymity between the taxpayer and the tax collector or tax authorities. Piyush Goyal announced in #NewIndiaBudget2019 that Income Tax Returns (ITR) will be processed within 24 hours and refunds will be issued simultaneously. This will definitely make tax paying process easy and quick.
#BudgetforNewIndia is expected to benefit the earning population of the country at large. This will definitely help an individual to grow, save and invest which will ultimately lead to a better economy. Let’s see how this #Bugdet2019 will help in building #NewIndia with better economic conditions.
#NewIndiaBudget2019 will definitely make the salaried population of the country, glow.
What an amazing start to the month of February!! #Budget2019, #BudgetForNewIndia – https://www.pscp.tv/w/1BdGYOMRqAzxX?t=14