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

02 February, 2019, 06:40 | Author: Joanna Little
  • Interim Budget 2019: Finance Minister Piyush Goyal may announce tax cuts ahead of Lok Sabha elections

Finance Minister Piyush Goyal on Friday doled out tax sops to middle class including doubling of income tax exemption limit to Rs 5 lakh, raising standard deduction to Rs 50,000 and provided concessions on interest income from bank deposits and rent. Those earning upto Rs 6,50,000 will not need to pay tax if they invest in specific schemes such as the Public Provident Fund and prescribed equities. TDS threshold on rental income raised from Rs 1.8 lakh to 2.4 lakh. Under the current norms, they are required to seek a refund on tax deducted on interest income beyond Rs 10,000 per annum. Chandra added that the proposal of giving rebate in income tax to people earning up to Rs 5 lakh will benefit another three crore people and the revue forgone would be Rs 18,500 crore.

Goyal, who is presenting the Budget 2019 in place of Arun Jaitley as he is in the U.S. for treatment, said announced the increase in the gratuity amount from Rs 10 lakh to Rs 20 lakh. However, resident taxpayers with income up to ₹5,00,000 will get a full tax rebate. This ensures that there would be a saving of Rs 12,500 for taxpayers who earn less than Rs 5 lakh. This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore. 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.

For those, he said, whose return of income or taxable return is more than Rs 5 lakh, the old slab of tax rates will continue. He allocated ₹19,000 crores for the programme in the 2019-20 budget.

More news: Trump has a meeting to discuss human trafficking at border

The tax proposals have evinced mixed reaction from tax experts.

"The salaried employees will get an additional benefit of Rs 10,000 under standard deduction".

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