No tax for annual income upto Rs 5 lakh, says Piyush Goyal

Piyush Goyal's father Ved Prakash or'Vedji was a long-time BJP treasurer

Piyush Goyal's father Ved Prakash or'Vedji was a long-time BJP treasurer

In an attempt to bring back the middle class back in the BJP fold, Mr Goyal announced that those having a net income of up to Rs 5 lakh per annum will not have to pay income tax as they will be given a full tax rebate of Rs 12,500.

Talking about exemption from taxation, PM Modi said that there has always been a demand to exempt those with annual income up to Rs 5 lakh and Modi government fulfilled it.

Goyal told parliament that this tax concession will benefit three crore people across the country, and cost the government revenue of around Rs 18,500 crore. Taxpayers with total income less than Rs 5 lakh will be offered the rebate of zero tax by amending section 87A of the Income-Tax Act, according to the Finance Bill 2019-20.

"In fact, with additional deductions such as interest on home loan up to Rs 2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance, medical expenditure on senior citizens etc., persons having even higher income will not have to pay any tax", he added.

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Now, as per news website Alt News, "The interim finance budget does not propose any changes in tax slabs but expands the scope of tax rebate (Rs 12,500 from Rs 2,500) and standard deduction (Rs 50,000 from Rs 40,000)".

The government proposed to increase the TDS limit applicable to rental income by one-thirds to Rs 2.4 lakh, compared to the existing threshold.

Standard deduction, which reduces your taxable income thereby reducing your tax liability, has been increased from Rs 40,000 to Rs 50000. Moreover, interest on bank savings accounts will be tax-free up to Rs 40,000 compared with Rs 10,000 now.

'Tax Rebate on the other hand, is a relief provided to taxpayers in the form of a refund on taxes already paid to the government. "The slippage is more notable for FY20, to -3.4 per cent vs -3.1 per cent laid out in the roadmap, built on a 11.5 per cent nominal GDP growth projection", said Rao.

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Abhishek A Rastogi, partner at law firm Khaitan & Co, said the government had kept everyone guessing as to whether an interim or a full-fledged budget will be presented.

While doing so, Goyal allowed the government's commitment to fiscal consolidation to slip further.

Transfers from the Reserve Bank of India, which has been a bone of contention between the government and Mint Road, have been sharply increased, by over a third, in the Revised Estimates for 2018-19 from Rs 55,000 crore to Rs 74,000 crore. Those with second homes received two tax incentives - notional rent on the second house was no longer taxable, and a second home could be purchased while saving on capital gains tax.

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