Main relief of the budget 2019 is that the  Individuals earning up to Rs 5 lakh will have full tax rebate. So tax saving of up to Rs 12,500 for all taxpayers in this bracket

Income tax rate for financial year2019-2020
Income slab	General category (non-Sinior citizen)	Sinior citizen( above 60 and below 80)	Very Sinior citizen( above 80)
Up to 5 lakhs	Nil	Nil	Nil
5 lakhs to 10 lakhs	20%	20%	20%
Above 10 lakhs	30%	30%	30%

 

As there us change in rebate and not a change in slab rate. So those who are earning below 10 lakhs have some impact they can add home loans and tuition fees to get additional benefits.

 

Standard tax deduction of salaried persons raised from rupees 40,000(current) to rupees 50,000(new)

 

Middle class taxpayers and the farmers are the  communities that the government was expected to please in the Budget.

 

Interest income of up to Rs 40,000 will attract no tax which was 10,000 earlier
Increase in Gratuity limit from 10 lakh to 30 lakh

 

Businesses with annual turnover less than Rs. 5 crore, comprising over 90% of GST payers, will be allowed quarterly return

For more help you can contact us at [email protected]

Views : 748