Big relief to middle class by Modi, no taxes up to Rs 5 lakh income
मध्यम वर्गियांक मोदीच्या अर्थ संकल्पान दिली थाकाय
01 Feb 2019 08:10 PM
Total tax rebate for annual income up to 5 lakh rupees.
And further total rebate for 6.5 lakh income, if 1.5 lakh rupees are invested in provident funds, specified savings and insurance etc.
Union finance minister Piyush Goel also announced that additional deductions such as interest on home loan up to 2 lakh rupees, interest on education loans, National Pension Scheme contributions, medical insurance and medical expenditure on senior citizens have also been provided.
For salaried persons, Standard Deduction is being raised from the current 40,000 to 50,000 rupees.
Exemption on levy of income tax on notional rent on a second self-occupied house is also now proposed.
Currently, income tax on notional rent is payable if one has more than one self-occupied house.
TDS threshold for deduction of tax on rent is proposed to be increased from 1,80,000 to 2,40,000 rupees for providing relief to small taxpayers.
TDS threshold on interest earned on bank/post office deposits is being raised from 10,000 to 40,000 rupees.
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