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PIB: Income Tax Exemption limit increased to Rs.5 Lakh in Budget 2019

PIB: Income Tax Exemption limit increased to Rs.5 Lakh in Budget 2019

Press Information Bureau
Government of India

Dated: Feb 1,2019

Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax.

Persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc

Tax Benefits in Budget 2019

Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Minister said that persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc. Additional deductions such as interest on home loan up to Rs. 2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance and medical expenditure on senior citizens etc, are also provided for in the Interim Budget 2019-20. Thus tax benefit of Rs. 18,500 crore is proposed to be provided to an estimated 3 crore middle class and small taxpayers comprising self employed, small business, small traders, salary earners, pensioners and senior citizens.

For salaried persons, Standard Deduction is being raised from the current Rs.40,000 to Rs.50,000. This will provide additional tax benefit of Rs. 4,700 crore to more than 3 crore salary earners and pensioners.

Exemption on levy of income tax on notional rent on a second self-occupied house is also now proposed. Currently, income tax on notional rent is payable if one has more than one self-occupied house.

TDS threshold on interest earned on bank/post office deposits is being raised from Rs.10,000 to Rs.40,000.

TDS threshold for deduction of tax on rent is proposed to be increased from Rs. 1,80,000 to Rs.2,40,000 for providing relief to small taxpayers.

Source : PIB

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Comments

  1. The headline of PIB is misleading. Income Tax Exemption Limit has not been increased. Rather, full tax rebate for taxabale income upto Rs.5 lac has been afforded in the Budget. Meaning thereby, such a rebate has no bearing on those with taxsable income above the said limit.

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