Tax exemption limit raised to Rs 5 lakh – Check interest income, rental income, standard deduction benefits

Piyush Goyal, Budget 2019
Piyush Goyal, Budget 2019

Budget 2019-20: This is for the first time, the government has come up with a populist Budget in its five years tenure. There has been a lot of incentives for private and government sector employees, farmers, homeless people. Income tax exemption limit for the private and public sector employees have been increased in the Budget 2019-20. Income up t0 Rs 5 lakh income now gets full tax rebate, Piyush Goyal announced.

TDS threshold on interest on bank and post office deposits raised from Rs 10,000 to Rs 40,000 and Tax threshold on rental income raised from Rs 1.8 lakh to Rs 2.4 lakh. The individuals with Gross Income of Rs 6.5 lakh will not have to pay any tax if the make investments in Provident Fund or other prescribed funds.

Standard deduction limit has been increased from current 40,000 to Rs 50,000 in Budget 2019-20. About 3 crore middle-class taxpayers will get tax exemption due to this measure, the Finance Minister said.

The Finance Minister has announced a Defence Budget of 3 lakh crore. “We have disbursed 35,000 crore rupees under #OROP scheme in the last few years,” the Minister daid.

The Finance Minister also announced PM Kisan Samman Nidhi Yojana in the Budget, which will provide assured income support of Rs 6000 per year to small and marginal farmers with landholding below 2 Hectares, through direct benefit transfer.

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