Budget 2019: No Income Tax for Annual Income Upto Rs 5 lakh

New Delhi: Interim Finance Minister Piyush Goyal on Friday said that salaried employers with up to 5 lakh will be exempted from paying any tax. He made the populous announcement while presenting the Interim Budget in Parliament. This was the last budget of the Narendra Modi government as the general elections are due in the next two to three months.

1. With this announcement, the tax burden on the taxpayers will be reduced. Goyal said about 3 crore tax payers would stand to benefit from this.

2. The finance minister also raised standard deduction to Rs 50,000.

3. The finance minister also said that 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.

4. For the benefit of the retired employees and the senior citizens, he said there would be no TDS on post office savings up to ₹40,000

5. There would be no TDS on rental income up to ₹2,40,000 per year, he said.