Interim budget FY20: Middle-income earners welcome IT relief
02 February, 2019, 06:39 | Author: Camille Rivera
As per the current tax slabs, those earning between Rs 2.5-5 lakh a year had to pay 5% Income Tax, Rs 5-10 lakh a year at 20% and over Rs 10 Lakh a year at 30%. He said the tax base was also expanded to Rs 6.85 crore from Rs 3.79 crore.
And, for a family of three comprising husband, wife and a senior citizen, this may result in nearly no tax till a combined income of Rs 25 lakh per year. So, we will give a rebate of Rs 12,500 straight so that everyone who is filing a return up to Rs 5 lakh of net income will absolutely be a tax exempt case. So, only those whose total income does not exceed Rs 5 lakh will be eligible for the benefit. Here are the highlights of the interim budget, which comes just ahead of general elections which must be held by May. "I can tell you that this proposal (Rs 5 lakh income rebate) will be applicable from the coming financial year of April 1 after it is passed in this budget session of Parliament", Chandra said.
The government has announced new measures to benefit salaried class, farmers and workers among others in the Budget.
Also Read| Budget 2019: No tax for Rs 5 lakh income, says FM.
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"This will provide the benefit of Rs 18,500 crore rpt crore to 3 crore middle-class taxpayers self-employed, senior citizens", he said, adding the number of beneficiaries will go up for those who have made investments in mediclaim and pension.
"From middle class to labourers, from farmers' growth to the development of businessmen, from manufacturing to MSME sector, from growth of the economy to development of New India, everyone has been taken care of in this interim budget", Modi said.
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