Budget 2019 Highlights- Tax Benefits; Things you Need to Know

In the Interim Budget 2019, Finance Minister Piyush Goyal has said that the tax benefit of Rs. 18,500 crore is proposed to be provided to an estimated 3 crore middle class and small taxpayers comprising self employed, small business, small traders, salary earners, pensioners and senior citizens.

Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. 

Persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc.

Pradhan Mantri Shram-Yogi Maandhan; Things you need to know 

For salaried persons, Standard Deduction is being raised from the current Rs.40,000 to Rs.50,000. This will provide additional tax benefit of Rs. 4,700 crore to more than 3 crore salary earners and pensioners.

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. 

Budget 2019-20; Assured income support for Farmers Rs. 6,000 per year

TDS threshold on interest earned on bank/post office deposits is being raised from Rs. 10,000 to Rs.40,000.

Soon, businesses comprising over 90% of GST payers will be allowed to file quarterly return.