Tax Impact

Budget 2019: Finance Minister Piyush Goyal proposed many changes in income tax rules for the year 2019-20. Besides higher standard deduction, he also proposed tax rebates for those earning ₹5 lakh per annum. Tax experts unpack how these proposals will impact the pockets of the middle class. Presently, income up to ₹2.5 lakh is exempt from personal income tax. Income between ₹2.5 and ₹5 lakh attracts 5% tax, while that between ₹5 lakh and ₹10 lakh is taxed at 20%. Income above ₹10 lakh is taxed at 30%.

If your income tax returns is not going under scrutiny by the I-T department, you will get refund in just 24 hoursThe government has promised in interim budget 2019 that there will be no personal interface between taxpayers and tax officers

The rebate under Section 87A of the Income tax Act, 1961, has been raised to Rs. 12,500FM proposed exemption from notional rent in respect of two self-occupied house properties

Finance Minister Piyush Goyal on Friday presented the Interim Budget for 2019-20. One of the major announcement made by the Modi government was that the individual taxpayer with an income of Rs. 5 lakh will get a full tax rebate.

The project looks to make the process more assessee- friendly All tax returns filed will be processed in 24 hours and the refund initiated simultaneously

A standard-deduction reduces your taxable income thereby reducing your tax liabilityThe standard deduction has been enhanced from ₹40,000 to ₹50,000

Govt increases income tax exemption limit to Rs. 5 lakh per year.No TDS on post office savings up to Rs. 40,000