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%.
1 Feb 2019If 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
1 min read1 Feb 2019The 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
3 min read2 Feb 2019Finance 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.
2 Feb 2019The project looks to make the process more assessee- friendly All tax returns filed will be processed in 24 hours and the refund initiated simultaneously
1 min read1 Feb 2019A standard-deduction reduces your taxable income thereby reducing your tax liabilityThe standard deduction has been enhanced from ₹40,000 to ₹50,000
1 min read1 Feb 2019Govt increases income tax exemption limit to Rs. 5 lakh per year.No TDS on post office savings up to Rs. 40,000
1 min read1 Feb 2019The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared
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