Interim Budget 2019: 'Acche Din' for the Common Man!
Interim Budget 2019: 'Acche Din' for the Common Man!
These were among a slew of measures he announced, mainly to benefit the middle class, address the agrarian distress, and bolster industry.
Key decisions & Announcements for the Middle Class:
Individuals with income up to Rs 5 lakh will not have to pay any income tax
Individuals with income up to Rs 6.5 lakh will not need to pay any tax if they make investments in PFs, prescribed equities
Standard Deduction raised to Rs 50,000/yr from Rs 40,000/yr
No TDS on house rent up to Rs 2.4 lakh per year
No TDS on bank, post office interest up to Rs 40,000, up from Rs 10,000
Income Tax returns to be processed within 24 hours and returns will be paid immediately
All assessment and verification of IT returns will be done electronically, without any intervention by officials
GoM to suggest ways to reduce GST for house buyers
Direct tax collections increased from Rs 6.38 trillion in 2013-14 to almost Rs 12 trillion
Tax base up from Rs 3.79 crore to 6.85 crore.
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