Time for Tax Payers to Relax and Retrieve:
Good News for all tax payers, The Union Government has announced a tax rebate of up to 5 lakhs from the current financial year. This would mean that the individual taxpayer with the annual income of up to 5 lakh rupees would enjoy complete tax rebate. And individuals with a gross income of 6.5 lakhs would have to pay no tax if they would invest in prescribed equities and provident funds.
There are a number of other fiscal benefits announced in the Union budget, delivered by Piyush Goyal on Friday, 1st February, 2019. Mr. Goyal was appointed as the interim finance minister on 23rd January in the place of Sri. Arun Jaitley, as the former finance minister is undergoing treatment in the United States for his health setbacks.
Benefits for tax payers as announced in the Union Budget 2019: Union Budget 2019
- Standard tax deductions has been raised from 40k to 50k for salaried people
- Gratuity limit has been increased from 10L to 30L rupees
- All Benefits under Sec 80A(i) BA has been extended for another year for all housing projects that are approved till 2020.
- Businesses with an annual turnover of Rs.5 crore and comprising of 90% of GST payers will now be allowed to file their returns quarterly.
- 2% subvention in interest for farmers pursuing Animal Husbandry and Fisheries.
- The government has introduced a cash incentive scheme for the country’s farmers under the scheme ‘Pradhan Mantri Kisan Samman’
After presenting the Budget in the Lok Sabha, the finance minister elaborated all the incentives and initiatives taken up by the government to the Press. The Budget 2019 is believed to be a huge relief for farmers, middle class people and those belonging to the unorganized sector in the society.
Critics: Though the government has proudly announced the various relaxations it has boarded for the common men of the country, critics say that these are mere election sops and there is nothing much to do for the poor in our country. These critics are pretty sure that the budget is a clear election manifesto that has been formulated only to get votes.
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