Union Minister Piyush Goyal presented the sixth and final budget of the NDA Government on Friday.
Key Points In Union Budget regarding Tax Reduction:
1) No Tax for those earning Income up to Rs 5 lakh
2) Standard Deduction Increased from Rs 40,000 to Rs 50,000
3) Gratuity Limit raised to Rs 30 lakh
4) Tax Rebate On Home Rent increased from Rs 1.8 lakh to Rs 2.4 lakh
All Income Tax Returns will be processed within 24 hours and refunds will be issued simultaneously.
People earning an annual income of up to Rs 5 lakh will get 100 percent tax rebate. Which means, An Individual with an annual income of up to Rs 5 lakhs needn't have to pay any tax.
Increase of standard deduction by Rs 10,000 for Salaried Taxpayers would increase the tax saving from Rs 2,080 to Rs 3,120.
Key Points In Union Budget regarding Tax Reduction:
1) No Tax for those earning Income up to Rs 5 lakh
2) Standard Deduction Increased from Rs 40,000 to Rs 50,000
3) Gratuity Limit raised to Rs 30 lakh
4) Tax Rebate On Home Rent increased from Rs 1.8 lakh to Rs 2.4 lakh
All Income Tax Returns will be processed within 24 hours and refunds will be issued simultaneously.
People earning an annual income of up to Rs 5 lakh will get 100 percent tax rebate. Which means, An Individual with an annual income of up to Rs 5 lakhs needn't have to pay any tax.
Increase of standard deduction by Rs 10,000 for Salaried Taxpayers would increase the tax saving from Rs 2,080 to Rs 3,120.