Budget 2019, Income Tax Slab 2019-20 Highlights: Finance Minister Piyush Goyal has clarified that there has been no change in Income Tax Slabs. Income Tax exemption is only for those who earn up to Rs 5 lakh. The NDA govt led by PM Narendra Modi has given something to cheer to lower middle-class employees. The Modi government has approved full rebate on tax on income up to Rs 5 lakh. Though the changes will not be applicable in current assessment year.
In his Interim Budget 2019 speech, FM Piyush Goyal said that the individual taxpayers with annual income up to Rs. 5 lakh will get full tax rebate. “Individuals who have gross income of up to Rs. 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities. By this measure, around three crore middle class taxpayers will get tax exemption,” Piyush Goyal added.
We deep dive in to this major announcement in the income tax and bring you all the updates and analysis.