Budget 2019: Govt hikes allocation by ₹5000 crore for rural employment scheme

Pauline Obrien
February 2, 2019

This has now been doubled. Goyal said the tax scrutiny would be done electronically eliminating any interaction between the tax authority and the taxpayer. So, we will give a rebate of Rs 12,500 straight so that everyone who is filing a return up to Rs 5 lakh of net income will absolutely be a tax exempt case. For people earning more than Rs 5 lakh annually, the "old" tax rates will continue.

Assured income to farmers Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three installments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding. Income from Rs 5 lakh to Rs 10 lakh was taxed at 20 per cent and above Rs 10 lakh was at 30 per cent. "I can tell you that this proposal (Rs 5 lakh income rebate) will be applicable from the coming financial year of April 1 after it is passed in this budget session of Parliament", Chandra said.

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As per the current tax slabs, those earning between Rs 2.5-5 lakh a year had to pay 5% Income Tax, Rs 5-10 lakh a year at 20% and over Rs 10 Lakh a year at 30%.

Those earning less than Rs 10 lakh can still benefit because of the increase in the limit of exemption available on house rent and children's tuition fees. He also announced a pension scheme for workers in the unorganised sector with a monthly income of up to Rs 15,000. The standard deduction for salaried persons raised from Rs 40,000 rupees to Rs 50,000. This deduction replaced the existing transport allowance of Rs 1600 per month and medical allowance of Rs 15,000 per annum a year ago. Also, they will be exempted from additional deductions of up to Rs 2 lakh on interest on homes loans, education loans, etc.

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This can be seen as a major populist move by the Modi-led NDA government to please the middle-class salaried population in India as the country gears up for general elections in a few months.

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