Union Finance Minister Piyush Goyal, in his Budget 2019 speech on Friday announced several tax benefits for the salaried and middle class. This affects farmers owning up to two hectares of land, who will receive ₹ 6,000 as direct income support every year. He also announced a pension scheme for workers in the unorganised sector with a monthly income of up to Rs 15,000.
"So people earning up to Rs 6.5 lakh may not have to pay tax if they make investments in specified savings". The existing income tax exemption limit is Rs 2.5 lakh, and including tax rebate, no tax is payable on income up to Rs 3 lakh.
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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. This ensures that there would be a saving of Rs 12,500 for taxpayers who earn less than Rs 5 lakh. Also, they will be exempted from additional deductions of up to Rs 2 lakh on interest on homes loans, education loans, etc. Rs 60,000 crore has also been set aside for MGNREGA, the rural employment scheme, with Piyush Goyal adding that the allocation can be increased further. "As per the present taxation rate, the tax liability up to Rs 5 lakh is Rs 12,500".
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All those earning up to Rs 5 lakh a year will now receive a full tax rebate. The benefit of roll-over of capital gains has been proposed to be increased from investment in one residential house to two residential houses for a taxpayer having capital gains up to ₹2 crore. 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.
- Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.
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