Budget 2019: Govt hikes allocation by ₹5000 crore for rural employment scheme

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Union Minister Piyush Goyal will present the Interim Budget 2019 in the Lok Sabha on Friday in absence of Finance Minister Arun Jaitley who is in the United States for medical treatment.

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 current tax slabs, those earning between Rs 2.5-5 lakh a year had to pay 5% Income Tax, Rs 5-10 lakh a year at 20% and over Rs 10 Lakh a year at 30%. The existing income tax exemption limit is Rs 2.5 lakh, and including tax rebate, no tax is payable on income up to Rs 3 lakh.

Additionally, Piyush Goyal also announced that those having a gross income of up to Rs 6.5 lakh a year can get full tax rebate if they make investments in provident funds. For people earning more than Rs 5 lakh annually, the "old" tax rates will continue.

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For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh comes free of tax. A sum of Rs 75,000 crore was allocated for the scheme by the finance minister. So, we will give a rebate of Rs 12,500 straight so that everyone who is filing a return up to Rs 5 lakh of net income will absolutely be a tax exempt case.

- 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.

"The salaried employees will get an additional benefit of Rs 10,000 under standard deduction".

"There is no change in that because this is an interim budget and it has been targeted that the small taxpayers, middle-class and lower middle-class taxpayers should have a certainty of their tax liability on April 1". This was introduced previous year after being abolished in the Finance Act 2005.

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