In a popular decision ahead of the general elections, Finance Minister Piyush Goyal on Friday announced that all those earning less than Rs five lakh will get a full tax rebate.
In the interim budget for 2019-20, the Finance Minister enhanced the limit of individual income tax from Rs 2.5 lakh to Rs five lakh per annm.
The Minister said the move would benefit 30 million people from the middle class.
Also, Standard deduction for salaried persons has been increased from Rs 40,000 to Rs 50,000.
''Individuals with gross income up to Rs 6.5 lakhs will not need to pay any tax if they make investments in provident funds and prescribed equities,'' the minister added.
In an initiative to help farmers, Rs 6,000 per annum would be given to every farmer having up to 2 hectare land. A sum of Rs 1.7 lakh crore would be set apart to ensure food for all.
Some of the other highlights of the budget are;
26 weeks of Maternity Leave to empower the women,
More than Rs 3 lakh crore allocation for defence,
One lakh digital villages in next 5 years,
Single window for approval of Indian filmmakers,
Minimum 14% revenue of GST to states by Central government,
Custom duty abolished from 36 Capital Goods,
Exemption on tax on second self-occupied house,
Ceiling Limit of TDS u/s 194A increased from Rs 10,000 to Rs 40,000 for women,
Ceiling Limit of TDS u/s 194I increased from Rs 180,000 to Rs 240,000,
Capital tax Benefit u/s 54 increased from investment in one residential house to two residential houses and
Benefit u/s 80IB increased to one more year i.e. 2020.
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