No Tax on Income upto Rs. 5 Lakh, Standard Deduction hiked to Rs. 50,000- Budget 2019-20
No Tax on Income upto Rs. 5 Lakh, Standard Deduction hiked to Rs. 50,000- Budget 2019-20 Ministry of Finance Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed Relief of over Rs 23,000 crore to estimated 3 Crore small and middle class tax-payers TDS threshhold on interests on small savings raised Boost to housing and real estate sector FM announces a slew of tax reliefs for middle class and small tax payers Posted On: 01 FEB 2019 1:45PM by PIB Delhi 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. While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said “Because of major tax reforms undertaken by us during last four and half years, both tax collections as well as tax base have shown significant increase, achiev...
