Interim Budget 2019's Rural Push, Tax Sops Spells Cheer For Auto Industry
02 February, 2019, 06:40 | Author: Leah Owens
He added means those with gross income up to Rs 6.50 lakh may also not have to pay any income tax if they make investments in provident funds, specified savings, insurance etc. Doubling the threshold exemption limit will increase the burden on the exchequer by Rs 18,500 crore.
- Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime. For the current financial year, the income tax slabs will be the same.
No income tax on taxpayers earning up to Rs 5 lakh, from Rs 2.5 lakh now. No tax on notional rent on second house.
Three crore middle-class taxpayers to benefit, says finance minister. "As per the present taxation rate, the tax liability up to Rs 5 lakh is Rs 12,500".
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There were other proposals on TDS on rent and interest as also reiteration of the digitisation of the tax assessment process to ensure seamless and smooth communication with the taxpayers.
As per the proposal, those who earn more than Rs 5 lakh per annum and less than Rs 10 lakh will have to pay Rs 12,500 plus 20% of the amount by which income exceeds Rs 5 lakh. Here are the highlights of the interim budget, which comes just ahead of general elections which must be held by May.
"After the failed budget promise of enhanced procurement of crops through a revised Minimum Support Price (MSP) formula in 2018-19, the Interim Budget will be the last chance for the government to woo a larger section of society by altering both taxes and outlays on the schemes", said expert. "However, anyone with a net taxable income above Rs 5 lakh will not be able to avail this tax benefit and only get the standard deduction benefit".
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