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Budget 2019: Income up to ₹5 Lakh Exempted from Income Tax
February 04, 2019
In his Interim Budget 2019 speech, Finance Minister Piyush Goyal announced that individuals earning an annual income of ₹5 lakhs or below won’t be required to pay any income tax now. In addition to that, the standard deduction allowed on the taxable income has been increased to ₹50,000 from the current ₹40,000 which he said will provide relief to as many as 30 million salaried individuals.
The government has also proposed to hike the TDS limit on rental income to ₹2.4 lakhs from the current ₹1.80 lakhs.
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