Budget 2019: Income Tax exemption limit may be increased to Rs. 5 Lakhs
Posted on: 18/Jan/2019 9:58:41 AM
The Parliamentary budget session is scheduled to commence on 31st January. The President, Ramnath Kovind, will address the joint session of both the upper and lower houses. The central finance minister, Arun Jaitley, will present the interim budget for this year (2019-20) on 1st February.
As this year’s budget is the last one during Mr Narendra Modi’s 5-year tenure as the prime minister and again, as parliamentary elections are scheduled this year, it is expected that the budget will be a favourable one for the public (especially tax-paying) offering various concessions.
Especially, there are strong prospects of the upper limit of the annual income limit for Income Tax is likely to be increased. Presently, the upper limit for non-taxable annual income is Rs. 2.5 Lakhs.
The income tax is 5% for the annual income group between Rs. 2.5 Lakhs and Rs. 5 Lakhs. It is 20% for the annual income group from Rs. 5 Lakhs to Rs. 10 Lakhs. It is 30% for annual incomes for over Rs. 30 Lakhs. Information is gathered that the upper limit for the non-taxable annual income will be increased to Rs. 5 Lakhs this year.
It may be noted that the Indian Industry Federation has recommended this as one of its recommendations in its report.
Further, the central government has been taking initiatives to bring a sizeable strength of people under the non-taxable bracket and also make an unbiased Income Tax system.
Further, the information is the present ruling party BJP will make all-out efforts to present impressive long-range financial policies in order to continue as the ruling party!
