Budget 2019 Income Tax Slab Latest 1 Feb 2019 – Upto 5 Lakhs No Income Tax – Here Is A Good News for All Tax payers Who were Waiting For Good News From Prime minister Narendra Modi . Pm Modi government Announced Tax Rebate Upto 5 Lakhs .
Interim Budget 2019 Live updates: No tax for income upto Rs 5 lakh/year, standard deduction raised to Rs 50,000
- Individuals with income of upto Rs 5 lakh per year will get full rebate on Income Tax
- Standard deduction for salaried class raised from Rs 40,000 to Rs 50,00
- TDS threshold on interest on bank and post office deposits raised from Rs 10,000 to Rs 40,000
- Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities, Goyal explains
Budget 2019 Income Tax Slab Latest 1 Feb 2019 – Upto 5 Lakhs No Income Tax
As per the current slabs, for individuals below 60 years, income up to Rs 2.5 lakh is exempt from tax. Five per cent tax is levied on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh.
|Income Slab||Tax Rate|
|0 – 5 Lakhs||Nil – No Tax – Full Rebate|
|5 – 10 Lakhs||20 Percent Tax|
|Above 10 Lakhs||30 Percent|