NIFTY 50

Budget 2019: No income tax up to Rs 5 lakh, says FM Piyush Goyal

Updated : February 01, 2019 02:16 PM IST

In a major boost to the small taxpayer, the government said it will increase the exemption limit for income tax paid by individuals from the current Rs 2.5 lakh to Rs 5 lakh. This translates to a benefit of Rs 18,500 crore to more than 3 crore taxpayers.
Standard deduction has been raised to Rs 50,000 from Rs 40,000. The government also increased the gratuity limit from Rs 10 lakh to Rs 30 lakh. Any person who completes 5 years in an organisation is eligible for gratuity.
The government also announced that it is going to provide income tax relief on notional rent from unsold house extended up to two years. Tax will be levied after two years on the unsold inventory.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

Live TV