GUWAHATI: The Interim Budget for 2019-20 was presented by Union Minister, Piyush Goyal on February 1 in the Parliament. Goyal said that individual taxpayers with annual incomes of upto Rs. 5 lakh per annum will get full tax rebate.
An estimate of 30 million middle-class taxpayers will get tax exemption due to this measure, the union minister informed. Earlier, the limit to get full tax rebate was Rs. 2.5 lakh for income tax exemption.
Goyal also added that individuals who have a gross income of upto Rs. 6.5 lakh will not need to pay any taxes if they make investments in provident funds and prescribed equities.
The standard tax deduction has been raised from Rs. 40,000 to Rs. 50,000 for salaried persons. The Tax Deduction at Source (TDS) threshold on interest has been raised from Rs. 10,000 to Rs. 40,000 on bank and post office deposits. The TDS threshold has also been raised from Rs. 1.8 lakh to Rs. 2.4 lakh on annual rental income.
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