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Budget 2019 – Here are the key Tax announcements for Salaried & Middle Class

With the announcements in the Budget to meet the expectations and long standing demands of Tax payers & salaried group, particularly the middle class segment, there was positivity around and has been received well across; The stock markets also responded positively with Sensex adding 212 points today reacting to the announcements by the Finance Minister, Piyush Goyal.

It brought huge relief for the lower middle class and a pension scheme for the bottom of the working groups brought cheers. Some of the announcements which have a bearing on the big chunk of tax payers are :

  • No Income Tax for income up to ₹5 lakh
  • Individuals with gross income of up to ₹6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities, tax saving schemes.
  • Standard tax deduction for salaried persons was raised from ₹40,000 to ₹50,000
  • TDS threshold on interest on bank and post office deposits was raised from ₹10,000 to ₹40,000
  • TDS threshold on rental income increased from ₹1.8 lakh to ₹2.4 lakh
  • I-T processing of returns to be done in 24 hours
  • Within next 2 years all verification of tax returns will be done electronically without any interface with the tax payer

An average tax payer utilizing tax benefits without home loan will be exempted from tax till 7.75 lakhs and considering the waiver of Tax on interest paid on home loan, it works out to the extent of 9.75 lakhs. These announcements have brought in lot of cheer and are expected to work positively in favour of the government for the upcoming Lok Sabha elections due in another three months time.

 

These are some of the reactions on the budget on the social media which give out the mood of the average tax payers :

 

 

The industry leaders too sounded positive with their reactions :

https://twitter.com/hvgoenka/status/1091232053134311425

 

The Finance Minister had words of appreciation for the honest tax payers when he said : “I thank the honest taxpayers of India for reposing faith in our Government. Let me assure them that we have used their contribution to serve the poor and create better infrastructure”

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