Budget 2019 Income Tax Highlights: Tax slab unchanged, full tax rebate on annual income up to Rs 5 lakh

Budget 2019, Income Tax Slab 2019-20 Highlights: 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.

Budget 2018 Tax Slab, Budget 2019 Income Tax Slab Highlights
Income Tax Slab in Union Budget 2019 Highlights: FM Piyush goyal has announced big relief to middle class tax payers in form of new Income tax slabs.

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.

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Budget 2019 Income Tax Slab Highlights

20:26 (IST)01 Feb 2019
Budget 2019 Income Tax Slab: Reward for honest middle-class taxpayers; here is how much income tax you will save

Budget 2019 Income Tax Slab Live: The Finance Minister acknowledge in the benefits achieved from tax reforms implemented by this Government in the past four years and to provide certainty and to pass on the benefits to the middle-class, pensioners and senior citize taxpayers, did not fall short of announcing several tax proposals for them. Aditya Modani, Director, People Advisory Services, EY teels how much income tax you will save.

19:54 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: No income tax up to Rs 5 lakh is good news, but how to claim the benefit of tax rebate

Budget 2019 Income Tax Slab Live: Giving relief to people in the lower middle income group, Finance Minister Piyush Goyal, while presenting the Budget 2019, announced total tax rebate to assessees having taxable income up to Rs 5 lakh, while the income tax slabs were left untouched.  Amitava Chakrabarty explains how to claim the benefit of tax rebate, click here

19:15 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: A fine balancing act by the Finance Minister

Budget 2019 Income Tax Slab Live: The first and foremost focus of any government in an election year is to get re-elected. Hence a budget speech barely two months before the General Elections of 2019 start rolling was expected to have a lot of political colour. Read Budget analysis by Ashish Kapur, CEO, Invest Shoppe India Ltd.

18:52 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: FM Piyush Goyal drops hints for big income tax announcements in next budget

Budget 2019 Income Tax Slab Live: Finance Minister Piyush Goyal Friday said the government may consider relief for taxpayers having annual income above Rs 5 lakh in the main Budget after polls. There is no change in the tax rate and limits for other category beyond Rs 5 lakh, Goyal said while talking to media after presentation of the Interim Budget. To read more, click here

18:44 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Around 3 crore middle class taxpayers to get tax exemption

Budget 2019 Income Tax Slab Live: Around 3 crore middle class taxpayers will get tax exemption due to this measure: FM Shri Piyush Goyal 

18:43 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: PM Narendra Modi on Income Tax rebate

Budget 2019 Income Tax Slab Live: I congratulate the middle class for the relief in taxes thanks to the #BudgetForNewIndia. I salute the middle class for their stellar contribution towards the development of the nation: PM Narendra Modi on Income Tax rebate 

18:40 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: ‘Simplification of direct tax system will benefit taxpayers’

Budget 2019 Income Tax Slab Live: Simplification of direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in increase in tax collections and return filings: FM Piyush Goyal

18:38 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Gratuity limit increased? What proposal in Piyush Goyal speech means for salaried

Budget 2019 Income Tax Slab Live: For working professionals, the budget provided relief with the government raising the gratuity limit from Rs 10 lakh to Rs 20 lakh. Priyadarshini Majhi brings you more, read here

18:26 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Rewind of FM Piyush Goyal’s big announcement on Income Tax

Budget 2019 Income Tax Slab Live:
– Individual taxpayers with annual income up to Rs 5 lakh will get full tax rebate
– Around 3 crore middle class taxpayers will get tax exemption due to this measure
– Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities
– Tax base up from 3.79 crore to 6.85 crore
– Standard tax deduction for salaried persons has been raised from Rs 40,000 to Rs 50,000
– Tax deduction at source (TDS) threshold on interest on bank and post office deposits has been raised from Rs 10,000 to 40,000 (ANI)

18:23 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Working on digital IT refund generation in 24 hours: FM Piyush Goyal

Budget 2019 Income Tax Slab Live: Union Finance Minister Piyush Goyal on Friday said the Centre is working on a method to ensure digital generation of income tax refund within 24 hours from the time of filing for returns. (ANI)

18:02 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: How with section 87A FM extended income tax relief without breaking election year norms

Budget 2019 Income Tax Slab Live: Finance Minister Piyush Goyal found a clever way to implement the long pending demand of the middle class to make income up to Rs five lakh completely tax free without breaking the conventions of an interim budget. Krishnanand Tripathi explains how, click here

17:47 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Rewind – Annual income up-to Rs. 5 Lakh eligible for full tax rebate

Budget 2019 Income Tax Slab Live: Watch – Rewind of FM’s speech on – Individual tax payers having taxable annual income up-to Rs. 5 Lakh to get full tax rebate

17:28 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: Income Tax 2018 vs now

Budget 2019 Income Tax Slab 2019-20 – If the investments are not as shown and your taxable income exceeds 5 lakh, the rebate is not applicable: Sameer Gogia, Director Deloitte 

17:23 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: ‘Finance Minister Piyush Goyal twisted the situation’

Budget 2019 Income Tax Slab 2019-20: Sameer Gogia, Director Deloitte says that instead of giving straight exemption on income up to Rs 5 lakh, Finance Minister Piyush Goyal twisted the situation by giving rebate under section 87A. Thus, if income is more than Rs 5 Lakh, assessee can not claim rebate under section 87A and assessee will need to pay tax on income above Rs 2.5 Lakhs. Explained with below example:

17:13 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: Income above Rs 5 lakh? Tax relief calculation for income exceeding exemption amount. Find out

Budget 2019 Income Tax Slab 2019-20: Finance Minister Piyush Goyal has increased the standard deduction on salary income from Rs 40,000 to Rs 50,000, while keeping the current income tax slabs and deduction limits unchanged. Click here to know how it will impact people earning above Rs 5 lakhs

17:09 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: FM Piyush Goyal on new tax changes

Budget 2019 Income Tax Slab 2019-20: FM Piysh Goyal on new tax changes – 3-3.5 crore people (will be benefitted). We’ll get a final data when the final tax returns of the next year come…We have not disturbed the tax rates. We just made the change that those with an annual income less than Rs 5 Lakh will have to pay zero tax. 

17:05 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: FM Piyush Goyal’s big announcement on reforms in Income Tax Filing and Income Tax Return Filing

Budget 2019 Income Tax Slab 2019-20: “The Income Tax Department now functions online. Returns, assessments, refunds and queries are all undertaken online. Last year, 99.54% of the income-tax returns were accepted as they were filed. Our Government has now approved a path breaking, technology intensive project to transform the Income-tax Department into a more assessee-friendly one. All returns will be processed in twenty-four hours and refunds issued simultaneously. Within the next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through anonymised back office, manned by tax experts and officials, without any personal interface between taxpayers and tax officers.”

17:01 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: Watch FM Piyush Goyal’s interview LIVE

Budget 2019 Income Tax Slab 2019-20: Watch FM Piysh Goyal’s interview with ANI Editor Smita Prakash LIVE 


17:00 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: Visit Financial Express Onlines’ Income Tax calculator

Budget 2019 Income Tax Slab 2019-20: Visit Financial Express Onlines’ Income Tax calculator and know your tax deductions. Click Here

16:46 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: Arun Jaitley on Income Tax

Budget 2019 Income Tax Slab 2019-20: Last year the Government restored the benefit of Standard Deduction to salaried taxpayer at Rs.40,000/-. This year this benefit is being extended to Rs.50,000/-, tweeted Arun Jaitley 

16:43 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to Rs 12,000,000

Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to Rs 12,000,000

16:41 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: Arun Jaitley on Income Tax

Budget 2019 Income Tax Slab 2019-20: In a further calibrated move, those in the income bracket of Rs.3 to 5 lakhs witnessed their tax liability being halved from 10% to 5% and today this category has been completely exempted. 

16:40 (IST)01 Feb 2019
Budget 2019 Income Tax Slab 2019-20: Arun Jaitley on Income Tax

Budget 2019 Income Tax Slab 2019-20: The tax exemption limit was first raised from Rs. 2 lakhs to Rs. 2.5 lakhs by the NDA Government. Thereafter, without altering the slabs, people earning upto Rs. 3 lakhs were exempted from payment of taxes. 

16:33 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to 55 lakhs

Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to 55 lakhs 

16:29 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to 25 lakhs

Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to 25 lakhs

16:21 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to 10 lakhs

Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to 10 lakhs 

16:18 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to 7 lakhs

Budget 2019 Income Tax Slab Live: Explained, tax savings on salary up to 7 lakhs

16:09 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Watch – Middle class cheer, no tax on income up to Rs 5 Lakh this year

Budget 2019 Income Tax Slab Live: People belonging to the middle class cheer as now they will not have to pay tax if their annual income is upto Rs 5 lakh. Finance Minister Piyush Goyal while presenting the Budget 2019 in the Lok Sabha announced the same. WATCH 

16:04 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: FM Piyush Goyal speaking to DD on Budget

Budget 2019 Income Tax Slab Live: FM Piyush Goyal speaking to DD on Budget. Watch it live here:

16:00 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Are there new income tax slab rates? New tax rules explained

Budget 2019 Income Tax Slab Live: Budget 2019 has seen no new income tax slab rates, but only complete tax rebate on income up to Rs 5 lakh has been announced by Finance Minister Piyush Goel. Read Amitava Chakrabarty’s comprehensive report here

15:53 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live:Explaining rebate for middle class

Budget 2019 Income Tax Slab Live: Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate. 

15:39 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: PM Narendra Modi congratulates and hails tax-paying middle class

Budget 2019 Income Tax Slab Live: It’s generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor. There was always the demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our govt fulfilled this: PM Narendra Modi 

15:28 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Tax benefits for middle class

Budget 2019 Income Tax Slab Live: TDS threshold for rent (u/s 194-I) increased from INR 180K (INR 15K p.m.) to INR 240K (INR 20K p.m.), says Sameer Gogia, Director, Deloitte

15:28 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Tax benefits for middle class explained

Budget 2019 Income Tax Slab Live: Interest income up to INR 40K (from banks, cooperative societies and post office schemes) to be exempt from TDS. Earlier the limit was INR 10K: Sameer Gogia, Director, Deloitte

15:20 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Tax benefits for middle class

Budget 2019 Income Tax Slab Live: Capital gain of up to INR 2Cr. (from sale of buildings or land appurtenant thereto), can be claimed as tax exempt by investing the same in two residential houses. Earlier, the investment could have been made only in one residential house. This benefit can only be availed once in lifetime: Sameer Gogia, Director, Deloitte

15:15 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Budget covers all from farmers to unorganised labourers, says Rajyavardhan Rathore

Budget 2019 Income Tax Slab Live: The budget has covered everyone right from small and marginal farmers to nomadic communities, and from unorganized labourers to the middle class, said I&B Minister Rajyavardhan Rathore. Budget has shown the commitment of PM Modi’s government to the welfare of every section of the society, he added.

15:11 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: More on Tax rebate

Budget 2019 Income Tax Slab Live: This decision was announced in #Budget2019, since we could not have afforded to wait for the main budget, as taxes would have otherwise been deducted at source, says FM Shri Piyush Goyal https://youtu.be/p-KOBP2rv9k 

15:10 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Budget will stimulate country’s economic growth, says Manohar Parrikar

Budget 2019 Income Tax Slab Live: Goa Chief Minister Manohar Parrikar said that a balanced budget that will uplift every section of the society, and further stimulate India’s economic growth. Farmers, poor, middle class and youth are all set to benefit from Budget for new India, he also said.

15:09 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: More on Tax rebate

Budget 2019 Income Tax Slab Live – Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities :FM Piyush Goyal 

15:06 (IST)01 Feb 2019
Budget 2019 Income Tax Slab Live: Tax benefits for middle class

Budget 2019 Income Tax Slab Live: Notional rental income from second self-occupied house property will now be exempt. Notional rental income to be taxable from third self-occupied house property onwards: Sameer Gogia, Director, Deloitte

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