$type=Ticker$count=6

Search This Blog

Income tax dhamaka "Income upto Rs 5 Lakh to get full tax rebate";

Relief of over Rs 23,000 crore to estimated 3 Crore small and middle class tax-payers TDS threshhold on interests on small savings raised Boost to housing and real estate sector FM announces a slew of tax reliefs for middle class and small tax payers

Press Information Bureau 
Government of India
Ministry of Finance
01-February-2019 13:45 IST
Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed 

Relief of over Rs 23,000 crore to estimated 3 Crore small and middle class tax-payers TDS threshhold on interests on small savings raised Boost to housing and real estate sector FM announces a slew of tax reliefs for middle class and small tax payers
full+tax+rebate
Individual taxpayers having taxable annual income up to Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax. While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said “Because of major tax reforms undertaken by us during last four and half years, both tax collections as well as tax base have shown significant increase, achieving a moderate taxation- high compliance regime. It is, therefore, just and fair that some benefits from the tax reforms must also be passed on to the middle class taxpayers”
Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax
As a result, the Finance Minister added that even persons having gross income up to Rs. 6.50 lakhs may not be required to pay any income tax if they make investments in provident funds, specified savings, insurance etc. In fact, with additional deductions such as interest on home loan up to Rs.2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance, medical expenditure on senior citizens etc, persons having even higher income will not have to pay any tax. This will provide tax benefit of Rs.18,500 crore to an estimated 3 crore middle class taxpayers comprising self employed, small business, small traders, salary earners, pensioners and senior citizens.

STANDARD DEDUCTIONS RAISED
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”, the Finance Minister informed.

TDS THRESHHOLD INCREASED
Tax Deduction at Source (TDS) threshold on interest earned on bank/post office deposits has been proposed to be raised from Rs.10,000 to Rs.40,000. Shri Goyal said, “This will benefit small depositors and non-working spouses”. Further, the TDS threshold for deduction of tax on rent has also been proposed to be increased from Rs.1,80,000 to Rs.2,40,000 for providing relief to small taxpayers.

MORE RELIEF TO RESIDENTIAL HOUSES
It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house. Currently, income tax on notional rent is payable if one has more than one self-occupied house. Shri Goyal announced the relief considering the difficulty of the middle class having to maintain families at two locations on account of their job, children’s education, care of parents etc.

Further, the Finance Minister proposed to increase the benefit of rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up to Rs. 2 crore. This benefit can be availed once in a life time. For making more homes available under affordable housing, the benefits under Section 80-IBA of the Income Tax Act is being extended for one more year, i.e., to the housing projects approved till 31st March, 2020. Also, for giving impetus to the real estate sector, the Finance Minister proposed to extend the period of exemption from levy of tax on notional rent, on unsold inventories, from one year to two years, from the end of the year in which the project is completed.
*****

COMMENTS

Name

Aadhaar Cards,24,account,1,admit card,1,agenda,1,agreement,1,Agriculture,104,AIIMS,7,Air,7,Air Force,14,airport,3,Allowance,7,amendment,5,Anganwadi,1,Animal,4,Anniversary,9,antartica,1,App,11,appointment,5,Army,11,Article,2,arunima sinha,1,ASEM SUMMIT 2018,1,Assembly,4,Atal Bhujal,3,ATM,1,atmanirbhar,4,Atomic,1,Auto,1,Awaas,67,Awards,43,Ayurveda,17,Ayushman Bharat.Jan Arogya,10,Azad Hind,1,Balika,5,band,1,Bank,25,Bankruptcy,1,BCCL,2,Berojgari Bhatta.,1,Bihar,10,Bima,14,Biography,1,Biomedical,1,Biotechnology,2,Blue,2,Board,9,boder,4,bond,5,Bonus,1,BRICS,2,Bsnl,4,Budget,14,Building,7,Business,103,Cabinet,2,Cable Car,1,cadets,1,cancer,4,Capital,2,Capital.Index,3,Car,2,Card,46,cargo,1,Cases,6,CBI,1,cbse,15,CCL,2,CDS,1,centre,7,CERTIFICATE,9,CGHS,3,channels,1,Child,63,Child Sexual Abuse,2,Children,9,CIMAP,1,Cities,10,Citizen,5,City Gas Distribution,3,clearance,3,Coal,13,College,23,Commerce,27,Commission,47,Compani,5,Conclave,1,Condolence,2,Conference,6,Consumer Price,9,cooperation,2,Corona,227,country,3,Court,9,Crude Oil,17,CTET,2,Culture,34,Currencies,4,Cyber,4,Cyclone,12,Dam,1,Dearness,4,debt,1,defence,45,Definition,1,Delhi,36,development,57,Develpment,87,Diamond,1,Digital India,15,Direct,3,Disaster,6,Divyangjans,4,Diwali,2,Domicile,2,doordarshan,1,Driving,5,Drug,1,Drug trafficking,1,e-Office,3,e-Vidhan,1,Earth,4,Education,126,elec,1,Election,48,Electoral,5,Electrification,12,Emergency,1,Employment,57,Energy,7,enterprises.farmer,2,entrepreneur,4,Environment,27,EPFO,20,ESEM SUMMIT,1,EVM,1,EXAM,42,Exhibition,3,Export,4,extraction,1,Fabric,1,Family,27,Fani,4,Fare.Scheme,1,Farmers,54,Fasal,5,fdi,1,Fertilizers,12,Festival,10,Filing,1,Film Festival,3,Finance,55,Fish,4,Fit India,3,Food,22,force,5,forest,16,freedom.Fighters,2,G-20 Meeting,1,G-20 Summit,2,Gaja,2,Games,6,Gandhi,4,GDP,4,General,5,Girls,22,Global,5,Goa,2,Gold,3,Gold Bond Scheme,4,Government,155,Gram Panchayats,6,Gramin,14,Green,8,ground,2,GSAT,1,GSAT11,1,GSLV,1,GST,23,GSTR,1,guidelines,5,guinessbook,2,Hackathon,1,haj,3,Happy,5,Harassment,2,Haryana,7,Hassle,1,Hausla,1,Health,92,helmet,1,Holi,1,homage,1,Homoeopathy,9,Hospital,15,Hostels,5,Housing,112,HRA,1,Human,42,ID,1,IFFI,1,IISF,1,Incom Tax,17,income,7,Index,22,India,67,India-China,4,industry,31,information,10,Infrastructure,12,Insolvency,1,Institution,13,interest rates,2,internal,1,Internet,2,Internship,2,investment,2,ISRO,10,Issue Price,3,IT,2,J&K,7,JanDhan,5,Jawaharlal,4,jeddah,1,JEE,3,Jeevan Shakti,2,jharkhand,13,Jio,1,JOB,118,Khelo,2,Kheol,6,kisan,70,koushal Yuva,3,KPCS,1,kumbhmela,18,kvic,1,KVS,14,Language,2,Laptop,1,Law and Justice,2,Legislative,3,Licence,3,Livelihood,1,livestock,1,loan,23,Location,2,lockdown,77,Lok,14,LPG Gas,6,Maan Ki Baat,5,Mahila-E-Haat,1,Main Nahin Hum,2,Make in India,4,Man-Dhan,6,management,5,Manrega,6,Mantri,210,Marger,1,Market,6,MARRIAGE,6,martyrs,1,MAT,1,Maternity,1,Measurement,1,media,3,Medicine,24,Meeting,4,Memorial,6,Metro,10,Minister,7,Mission,38,Mobile,19,money,2,Monsoon,1,Movie,1,mp,1,Mtnl,2,Mudra,8,Mukhyamantri,29,Museum,8,Nabard,2,NAE,2,Namami Gange,21,Nation,8,National,71,National Highways,23,National Project,16,Nationhood,1,Natural,1,Natural Gas,29,Naval,9,Navodaya Vidyalaya.,1,NCERT,1,NCR,2,NDA,2,Nehru,4,Net Project,2,Netaji Subash Chandra Bose,3,New,13,New Airport,4,News,12,NIRVIK,1,Niti Aayog,31,NMCG,1,NNC,1,Nominations,1,Northeast,18,Notification,85,NPS,5,NuGen,1,Nursing,2,Nutrition,2,OBC,2,ODF,1,odisha,4,Online,52,Operation Green,1,Organic,2,Orphanages,1,Padma,2,Paisa,1,pakistan,3,Pal,2,Pan Card,3,Park,3,Parliament,6,parliament attack,1,Passport,4,Patel,3,patna,1,Payment,4,pcs,1,Pension,34,Petroleum,10,Physical,1,pm,21,PMAY,2,Police,8,Policy,8,Pollution,9,Port,4,Portal,16,Poshan,8,post office,1,poverty,3,Power,31,Powergrid,4,Pradhan,211,prasarbharti,1,pregnant,1,President,9,prime minister,6,Prisoners.,1,private,2,Prizes,3,Professionals,3,promotion,1,PSLV,3,public,1,Puruskar,2,Qaumi Ekta,1,radio,1,Rail,15,Railway,112,Rainfall,1,Rajasthan,5,Rajbhasha,1,Ration,34,RBI,5,Recruitment,76,Red Fort,4,Refinery,11,releases,1,Repo Rate,2,reproduction,1,Reserved,6,Resources,38,Result,37,retire,4,Return,4,review,1,Revolution,2,Right,1,Ring Road,2,river,15,Road,23,Ropeway,1,RRB,3,RRCB,2,RTI,2,Run for Unity,3,Rural,36,Sabha,12,salary,5,Sampann,3,Samridhi,3,Sanskrit,1,Satellite,3,Saubhagya,1,Saving,1,Scheme,555,Scholarships,20,School,54,Scientist,3,sector,2,security,2,Seminar,1,Senior,3,Service,12,Session,1,Sexual,1,Share,2,shramik Card,2,SIAL,1,Skill Develpment,30,Smart,17,Smuggling,1,Snowfall,1,social,1,soil,2,Solar,15,soldier,1,space,5,Sports,22,SSC,15,Sstellite,1,Staff.,1,Staff.Safety,1,Startup,4,Startup India,7,Statistics Day,1,Steel,11,stocks,5,Strike,1,Student,24,Sukanya Samriddhi Yojana,4,summit,6,Surgical,1,Swachh Bharat,36,Swadesh Darshan,13,Swadhar Greh,2,Swaraj,1,System,8,Tabacco,1,TAX,34,Teacher,4,technology,5,Telecom,10,Terrorism,6,Textile,6,Ticket,9,tiger,1,Tourism,27,Tracking,1,Trading,2,Trafficking,1,Train,47,Training,16,Transgenders,1,Transport,36,travel,5,Tribal,8,tricolour,1,UGC,1,Ujjwala,9,Unity,3,University,10,unlock,6,Unreserved,2,UPSC,21,Urban,36,UTS,3,uttar Pradesh,19,Uttarakhand,5,Vehicle,8,Village,3,Village Cleanliness,2,virus,213,Visa,4,Voting,5,Wages,4,waste,2,water,22,Water Resources,31,WCO,1,Weather,1,Website,3,West Bengal,2,wifi,1,Wildlife,1,Winter,1,Women,105,workshop,6,Year,3,Yoga,11,Yojana,243,youth,22,Youth Parliament,1,आग दुर्घटना,1,जी-20 देशों की बैठक,1,नेट परियोजना,1,पुलिस,1,प्रत्यक्ष कर,1,बाल यौन शोषण,1,वर्षगांठ,1,वायु सेना,1,स्मारक,1,
ltr
item
Indian Govt Scheme - Sarkari Yojna - सरकारी योजना: Income tax dhamaka "Income upto Rs 5 Lakh to get full tax rebate";
Income tax dhamaka "Income upto Rs 5 Lakh to get full tax rebate";
Relief of over Rs 23,000 crore to estimated 3 Crore small and middle class tax-payers TDS threshhold on interests on small savings raised Boost to housing and real estate sector FM announces a slew of tax reliefs for middle class and small tax payers
https://1.bp.blogspot.com/-lT_fkvPNo0Y/XFRojc1grtI/AAAAAAAACIY/uF9bX6bj1f0kOotCiNDlWOk_hxu53xfpACLcBGAs/s640/rebate.png
https://1.bp.blogspot.com/-lT_fkvPNo0Y/XFRojc1grtI/AAAAAAAACIY/uF9bX6bj1f0kOotCiNDlWOk_hxu53xfpACLcBGAs/s72-c/rebate.png
Indian Govt Scheme - Sarkari Yojna - सरकारी योजना
https://www.indiangovtscheme.com/2019/02/income-tax-dhamaka-income-upto-rs-5.html
https://www.indiangovtscheme.com/
https://www.indiangovtscheme.com/
https://www.indiangovtscheme.com/2019/02/income-tax-dhamaka-income-upto-rs-5.html
true
7302066951545768297
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content