Budget 2019: No Income Tax Upto Rs 5,00,000 | Other Key Points

income tax slab 2019

Budget 2019: No Income Tax Upto Rs 5,00,000 | Massive Relief For Taxpayers





Today finance minister Piyush Goyal presents National Democratic Alliance’s (NDA) sixth and final budget. All eyes were on this for two main reasons – income tax and farm package. Here are the lastest updates from budget 2019.

 

  • Individual taxpayers with income of Rs 5,00,000 will get a full tax rebate.




  • No tax on notional rent on second house

    Capital gains tax exemption under Section 54 raised to 2 crore

    Tax on notional rent on unsold inventory to not be paid for 2 years

 

  • DS threshold for rent increased from Rs 1.8 lakh to 2.4 lakh

 

  • No TDS on post office savings up to 40,000No TDS on rental income up to 2,40,000 per year

 

  • GST has been reduced resulting in relief of Rs 80000 crores to consumers. Most of the daily use items are in bracket of 0-5 %.

 

  • Tax free income of up to ₹6.5 lakh

    Salary earners of up to 6,50,000 income to not pay tax if they make tax related investments.

 

  • Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.

 

  • India wants to be a $10 trillion economy in 8 years

Finance minister Piyush Goyal announced that India is poised to become a $5 trillion economy in 5 years and               aspires to become a $10 trillion economy in the next 8 years.

 

  • The Union budget has allocated 1.58 trillion for Indian Railways to expand the railway infrastructure in the country.

Stay tuned for more detailed updates.

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