In a major relief for the salaried class, finance minister Piyush Goyal announced full tax exemption for income up to Rs 5 lakh per year. Individuals falling under the said tax slab will get full tax rebate.
He further added that all the direct tax relief measures will be applicable from April 1 of the current fiscal year.
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, providing major relief to salaried class. This translates to a benefit of Rs 18,500 crore to more than 3 crore taxpayers.
Here are the key highlights:
First Published: Feb 1, 2019 1:35 PM IST
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