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Interim Budget: Changes applicable to salaried person.
Interim Budget: Changes applicable to salaried person.
Finance minister, Mr Piyush Goyal presented the Interim Budget for 2019. This budget came with relaxation on tax-slab for them whose income is less than five lacs. Let's see what changes are proposed by this interim budget.
1. There is no change in tax slab for 2019-20.
2. You will get a Standard deduction of Rs. 50000 from your salary. Previousaly, it was Rs. 40000.
3. Tax rebate limit under section 87A increased to five lakhs from 3.5 lakhs.
4. Amount of rebate if your income is not more than 5 lakhs is increased from Rs. 2500 to Rs. 12500.
This budget has brought the tax reforms for middle-class taxpayers. Full rebate on taxable income up to Rs 5 lakh will benefit 40 percent of tax payer base.
