Budget - 2019 - No tax on income of up to Rs 5 lakh, Goyal announces
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Budget – 2019 – No tax on income of up to Rs 5 lakh, Goyal announces
No tax on income of up to Rs 5 lakh, Goyal announces: Finance Minister Piyush Goyal announces full income tax rebate on income up to Rs 5 lakh a year, sets off jubilation among treasury benches. Cries of ‘Modi, Modi’ reverberate in Lok Sabha.
- Individual taxpayers with annual income up to Rs 5 lakh to get full tax rebate, Piyush Goyal announces. Plus, individuals with gross income up to Rs 6.5 lakh rupees will not need to pay any tax if they make investments in Provident Funds and prescribed equities. *
*Standard tax deduction for salaried persons has also been raised from Rs 40,000 to Rs 50,000. These announcements set off jubilation among treasury benches. Cries of ‘Modi, Modi’ reverberate in Lok Sabha. *
*Around 3 crore middle class taxpayers will get tax exemption from this measure. *
*The 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 Rs 2 crore. This an be exercised once in a lifetime. *
*The TDS threshold on rental income raised from Rs 1.8 lakh to Rs 2.4 lakh, and the threshold on interest on bank and post office deposits raised from Rs 10,000 to Rs 40,000. *
Karma added for good news
lekin agar 5 lakh se 1rs. bhi jyada h to phle jitna hi dena hoga.
translation:- no benefit if you earn more than 5 lakhs.
Bhai kehna kya chahte ho?Apko kitne tak ka benefit chaiye 10 Lakhs?
T-Bro what you want to say?You want benefit upto 10 Lakhs rupees?
Atleast Appreciate that no income tax upto 5 Lakh income
Chill guys. It’s only a proposal not confirmed, depends on next full budget. Some lame tactics for the upcoming election.
this will be passed before election announcement and then full budget in July 2019
NO TAX – NO Discounts – No Cashbacks – Buy at full price – New India – 2022
Mera income uska half bhi nahi hai!
But still a good news for everybody.
Really a good budget this one. I was expecting LCGT to be slashed out, but it’s alright. 
Overall picture is good one
Has BJP gone crazy in election year? This much exemption will hit Govt treasuries badly. I mean the development work and condition of PSU will become lower with such kind of crap announcements. I didn’t voted BJP for populist kind of budget and freebies. These announcement made clear that BJP is still not strong enough to get votes without giving freebies like Congis. 
It’s time for joy for middle class but be ready to shell out somewhere else. To create balance in economy such kind of jinga-lala steps must be avoided. The hope of lower GST in coming days is gone far now.
Happy with announcement for farmers though and 2% tax reduction on loans for fisheries and animal husbandry which is mostly done by village people. But again these are just announcements for now.
They must have worked out something dear.
However such exemptions are much better than the scams of previous government where all collections was deposited.
We saved on that.
Lol. Tax redemption till 5 lakhs then yeah? Lovely economy-raping proposal. Whatever they do to retain power. And now the middle-class will forget what’s all been happening since last four years and be happy like a baby with a lolly.
+1
Just another election ploy
Income tax slabs are the same (Rs):
0-2.5L – 0%
2.5L-5L – 5% (if your income < Rs5L, you pay Rs12500 BUT under Section 87A you get rebate of Rs12500. Hence NO tax)
5L-10L – 20% (if your income > Rs5L, nothing changes)
10L+ – 30%
(surcharge, cess, extra). #Politics
You missed out a important word, that the applies on TAXABLE INCOME, not gross salary. So even if you are earning 10lcs a year if you invest properly you would end up paying 20% and not 30%.
Look at share market only 165 point inc.
No excitement for market
Pension for informal sector for people earning below 15k, those are the most marginalised people, even their needs are taken care of. It is a dream budget. And as Piyush Goyal mentioned they are committed to fulfill their 10 dimensional aim.
This govt. delivered and takes care of all. Get rid off negativity, and help in building better India.
So one has not to pay taxes if they earn 5 lacs per year which is great. What about senior citizens earning above 5 lacs if they don’t have any other investments? Is the limit more for Rs. 5 lacs?
Consult a CA, he can help in making tax savings.
Shalini Jain, Partner, EY India says, “This means that anyone with net taxable income up to Rs 5 lakh will not be required to pay any taxes. However, anyone with net taxable income above Rs 5 lakh will not be able to avail this tax benefit and only get standard deduction benefit.”
Read more at:
//economictimes.indiatimes.com/articleshow/67789828.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
ZERO tax for Net Taxable Income of 5LPA , people earning around 6-7LPA can easily come in this bracket.
In every budgets there is aught to be ifs and buts.
It doesn’t mean its a lollypop budget.
If loyal haters feel it so, let them feel so that way ,because they are used to get fake lollipops as recently they had been given in three states.
Modiji is working for the Nation and for upliftment of the poor and encouraging tax payers by development in all sectors.
Haters can’t be cured, but these people infest the system with cynicism blinding an average guy who just wants to lead a simple life. I have met several people who have nothing against Modi yet they want to press NOTA, why? because Modi ne utna nahi kiya jitna socha tha. And this is because all these people would only that side of the picture, without putting across the larger message.
For instance, in this budget, I see pension for the informal sector as the biggest thing and yet nobody is talking about it. Woh gareeb nahi hain kya? Unki koi ahmiyat nahi hai kya?
Terrorist attack 5 saal mein nahi hua, yahaan #AccheDin nahi batayenge but Naseeruddin Shah bolde mein dara hua hoon usko 24 ghante chalayenge, kyun bhai woh kaunsa VIP hai.
If your taxable income is more than 5 lakhs than you don’t get tax relief 
Yes, but in all fairness, person earning taxable income of more than 5LPA is not struggling to make ends meet. Kuch toh desh ke liye socho, tax nahi denge baaki public services ke paise kahaan se aayenge.
Finally, A good news for government employees
Just asked my manager to not increase my salary to avoid paying tax on income above 5 Lakhs.
Thank you Modi ji.
#Budget2019
What happened about GST? Has it reduced for any items?
It’s is sound too good to be true now as now the elections are going to start and we got such a great relief. Next relief after 5 years again 
I would call you out here only on cynicism.
On Income Tax,
2014: 2LPA tax exempt, after that 10%
2015: Tax Rebate of 2000 below 5LPA.
2016: Rebate increased to 5000 below 5LPA
2017: 10% reduced to 5%
2018: Standard deductions of 40,000/-
2019: Full Tax Rebate on 5LPA
Govt. is delivering consistently, naysayers and NOTA warriors are not letting these facts get in their way.
During Modi Government unemployment has reached astronomical proportions.
There are 22 applicants for one PM POST. ( Each One from Thugbandhan )
Previously, there used to be 2-3 applicants……
There is no end on debate
between
""BHAKHTS"" and """ """
Rest in peace
Goodnight Everyone
Rest in peace! LMAO.. 
Why some have so much negativity with Modiji
And why not a damn word on previous government.
Scratching my Head to find the answer.
Because he is not resting in peace.. 
Everyone just envies his vasco-da-gama persona and camera sensing selfies.
HIGHLIGHTS OF BUDGET 2019
Tax
1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
6. Full Tax rebate upto 5 lakh annual income after all deductions.
7. Standard deduction has increase from 40000 to 50000
8. Exempt on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has given to unsold inventory has increased to one year to two years.
Other Areas
14. State share has increased to 42%
15. PCA restriction has abolished from 3 major banks
16. 2 lakhs s
what is tax assessment electronically ?
how they are currently doing it.
What is this
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Awesome Bro Thanks for informing