Budget 2019: Where the government will earn and spend its rupee

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

Meanwhile, the interim budget, in which large-scale changes were announced in direct taxes, gave a series of tax sops for the middle-class, including a full tax rebate for income up to Rs 5 lakh. The basic exemption limit of Rs 2.5 lakh applies to everyone. Piyush Goyal also announced that all interest income above Rs 40,000 from bank deposits will now get taxed as against the earlier Rs 10,000. The standard deduction for salaried persons raised from Rs 40,000 rupees to Rs 50,000. Now, this threshold has been hiked further to Rs 5 lakh.

For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh comes free of tax.

The point to note here is that since this is a rebate up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs. Also, the benefit of rollover of capital gains under section 54 of the Income Tax Act will be increased from investment in one residential house to two residential houses for those having capital gains up to Rs 2 crore.

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For senior citizens aged 80 years and above, income up to Rs 5 lakh was exempt from tax. Subsequently, you pay tax at the rate of 5% for taxable income between ₹2.5 lakh and ₹5 lakh, 20% for income between ₹5 lakh and ₹10 lakh and 30% for income above ₹10 lakh. Add to this, the standard deduction of ₹50,000. Around 3 crore middle class taxpayers will get tax exemption due to this measure. "With increase tax rebate, it is expected that surplus cash will be available in the hands of the consumers thus resulting in a slight off-take of consumption", said Jimmy Patel, MD & CEO, Quantum Mutual fund.

Other sources of income include 17 paise from income tax, 8 paise from non-tax revenue, 7 paise from union excise duties, 4 paise from customs and 3 paise from non-debt capital receipts. Now, they will do so only if it exceeds Rs 40,000. This, the FM said, will benefit almost 3 crore middle-class income earners.

The Income Tax department will move towards faceless assessment and verification of returns, Goyal said Friday. This change will mean fewer hassles for a lot of people.

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