Budget 2019-Big Income Tax Bonanza for Salaried Employees, No Tax Up To 5 Lakh

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Budget 2019 Modi government has presented its interim budget. This budget has given big gifts to the salaried class, pensioners, senior citizens, and small traders. The government has doubled the limit of tax-free income. Now there will be no tax on the income of Rs 5 Lakh instead of 2.5 lakh rupees. Goyal said that 30 million middle-class taxpayers will get the benefit of this tax deduction.

In addition, the limit of standard deduction brought in the previous budget has also been increased from Rs 40 thousand to 50 thousand rupees. Not only that, the interest of up to Rs 40 thousand has been tax-free instead of 10 thousand on the bank and post office deposit deposits. On the rental income, the limit of TDS has been increased from Rs 1.80 lakh to 2.40 lakh rupees.

Presenting the budget, Piyush Goyal said, “Reducing the burden of tax on the middle class has always been our priority.” Goyal said that 99.54 per cent of all I-T returns last year were accepted immediately without any scrutiny. FM said that the tax collection has increased. The number of returning returns has also increased. We would like to thank them for contributing taxpayers in the process of nation building.

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