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.