Interim Budget 2019's Rural Push, Tax Sops Spells Cheer For Auto Industry

Interim Budget 2019: Finance Minister Piyush Goyal may announce tax cuts ahead of Lok Sabha elections

Finance minister Piyush Goyal presented the Union Budget 2019 in the Lok Sabha on Friday.

He said with this, individuals who are earning gross income of Rs 6.5 lakh per year and have made investments in savings instruments, will be exempt from paying income tax. TDS threshold on rental income raised from Rs 1.8 lakh to 2.4 lakh.

These sops, combined with the other goodies announced, mean that anyone earning up to Rs 10 lakh can walk away with Rs 0 tax payable if they just plan smartly.

Though the income-tax slabs have remained unchanged, now individuals with a net taxable income of up to Rs 5 lakh are exempt from paying any income tax for this fiscal. For people earning more than Rs 5 lakh annually, the "old" tax rates will continue. Until now, the income tax exemption was up to Rs 2.5 lakh. Rs 60,000 crore has also been set aside for MGNREGA, the rural employment scheme, with Piyush Goyal adding that the allocation can be increased further. The eligibility of the total income to avail the benefit has now been increased Rs 5 lakh from the earlier from Rs 3.5 lakh.

More news: Met Eireann issue Status Yellow snow

- Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime.

As per the proposal, those who earn more than Rs 5 lakh per annum and less than Rs 10 lakh will have to pay Rs 12,500 plus 20% of the amount by which income exceeds Rs 5 lakh.

Budget 2019 jokes and memes have taken over Twitter.

With an eye on upcoming general elections, he also proposed to raise the standard deduction to Rs 50,000. The finance minister announced that within the next two years, the assessment of all tax returns will be done electronically without any personal interface.

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