The budget presented by the Finance Minster Piyush Goyal on February 1, 2019 has proposed to take certain important steps that will reduce the tax burden for several taxpayers. The tax rate and income slabs have been kept constant in this year’s budget. In spite of not changing the income slabs or tax rates, this year budget has been able to reduce individuals tax liability.
No tax for income up to Rs 5 lakhs
Individual taxpayers having taxable annual income up to Rs 5 lakhs will get full tax rebate and therefore, will not be required to pay any income tax. The income tax slabs are no being modified and neither there is any change in the tax rates. The amendment is proposed to happen in the section 87A of the Income-tax Act to provide relief to the individual taxpayers by increasing the maximum amount of tax rebate to Rs 12500 from existing Rs 2500. The tax rebate shall now be admissible to taxpayers having total income up to Rs 5 lakhs, instead of existing Rs 3 lakhs.
Increase in the limit of Standard Deduction
The FM has also proposed to increase the limit of standard deduction and this move will help salaried taxpayers reduce their tax burden. For salaried persons, Standard Deduction is being raised from the current Rs 40,000 to Rs 50,000.
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