In hopes of securing another term, the current government has tried to play Santa to a variety of diverse sections of the society. However, the spotlight on the rural and unorganized sector was hard to miss.
Considering that the proposals in the interim budget were to set the tone for the impending general elections, it was naturally expected to be a crowdpleaser. However, the government went one step ahead to ensure that the hero of this budget was the common man, particularly in the rural and unorganized economy. The interim finance minister, Piyush Goyal, who presented the budget stated that a foundation to sustainable has already been laid in the country and that the country’s poor have the first right over the nation’s national resources. Let us take a look at some of the highlights of the budget that elicited maximum attention:
Taxation and Rebates
In a headline-grabbing announcement, the government announced that there will be a full rebate of income tax for individuals with a taxable income up to Rs. 5,00,000 per year – a move intended to benefit nearly 30 million taxpayers. While other tax rates have been left unchanged, the standard deduction has been revised up from Rs. 40,000 to Rs. 50,000. Furthermore, the limit for levying Tax Deducted at Source (TDS) for term deposits has been increased to Rs. 40,000 from Rs. 10,000. Investments under 80C (up to Rs. 1,50,000) and interest up to Rs. 2,00,000 on home loans continue to tax-free and unchanged.
The income tax rebate has been increased from the existing Rs. 2,500 to Rs. 12,500 for individual tax payers, which might help all taxpayers save a small amount. The limit for tax-free gratuity has been raised from Rs. 10,00,000 to Rs. 30,00,000 as well. According to one calculation, an individual earning nearly Rs. 10,00,000 per year can also pay no taxes by carefully choosing existing rebates and deductions on investments and loans. The government also promised that IT refunds will be processed within 24 hours, and within two years, all tax assessments and verification will be undertaken electronically.
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