Rahul Gandhi criticizes farmers' scheme introduced in budget by Piyush Goyal

02 February, 2019, 06:38 | Author: Shawn Conner
  • Income tax slab rate expectation Big income tax changes for the salaried class likely in Budget 2019

Finance minister Piyush Goyal presented the Union Budget 2019 in the Lok Sabha on Friday.

The Finance Minister said individual taxpayers having taxable annual income up to Rs 5 lakh will get a full tax rebate. "But now PM Kisan Samman Nidhi scheme will benefit over 12 crore farmers who own 5 acres or less than 5 acres of land", Modi added.

People earning larger incomes do not benefit from the changes to the tax rules because there is no change in the slabs, but only a rebate, according to experts. "This will provide tax benefit of Rs 18,500 crore to 3 crore people", he added. No tax on notional rent on second house. He also announced that the TDS threshold on interest from bank and post office deposits will be raised from Rs 10,000 to Rs 40,000.

The government hopes to simplify tax interface further to increase collection and return filings. The benefit of roll-over of capital gains has been proposed to be increased from investment in one residential house to two residential houses for a taxpayer having capital gains up to ₹2 crore. "Within almost two years, all assessment and verification of IT return will be done electronically by an anonymous tax system without any intervention by officials". Under the current norms, they are required to seek a refund on tax deducted on interest income beyond Rs 10,000 per annum. This ensures that there would be a saving of Rs 12,500 for taxpayers who earn less than Rs 5 lakh.

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For senior citizens aged 80 years and above, income up to Rs 5 lakh was exempt from tax. He allocated ₹19,000 crores for the programme in the 2019-20 budget.

"After the failed budget promise of enhanced procurement of crops through a revised Minimum Support Price (MSP) formula in 2018-19, the Interim Budget will be the last chance for the government to woo a larger section of society by altering both taxes and outlays on the schemes", said expert.

Standard deduction on personal income tax for salaried people to Rs 50,000 from Rs 40,000.

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