Piyush Goyal Says, Full Tax Rebate On Annual Income Up To Rs. 5 Lakh

Piyush Goyal Says, Full Tax Rebate On Annual Income Up To Rs. 5 Lakh

Piyush Goyal Says, Full Tax Rebate On Annual Income Up To Rs. 5 Lakh 

New Delhi: A full tax rebate for individuals with income up to Rs. 5 lakh was proposed by Union Minister Piyush Goyal at the parliament, during the Union Budget 2019 discussion. Mr Goyal says that the income tax proposal will benefit three crore taxpayers.

Here are key income tax changes announced:

1. An individuals with an annual gross income up to 6.5 lakh rupees won't need to pay any tax if they make investments in provident funds and prescribed equities

2. The move to provide benefit worth Rs. 18,500 crore to 3 crore assesses.

3. An increase in the standard deduction limit was made from Rs. 40,000 to Rs. 50,000.