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No tax for annual income upto Rs 5 lakh, says Piyush Goyal

03 February 2019

Therefore, a person with gross income up to Rs 6.50 lakhs will not be required to pay any income tax if they make investments in provident funds, specified savings schemes, insurance etc. "Foreign exchange reserves are comfortable at $396 billion and touched an all-time high of $425 billion", he said. The limit for tax deduction at source on rental income under section 194-I of the Income-tax Act, 1961 (the Act) is also marginally increased from Rs 15,000 per month to Rs 20,000 per month.

"Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate, finance minister Piyush Goyal announed during budget 2019", Piyush Goyal said in a major announcement as people in Parliament cheered. The gratuity limit has also been increased to Rs 30 lakh. Although the Centre's share of goods and services tax (GST) receipts is expected to be about Rs 1 trillion below the Budget Estimates in 2018-19, this share is projected to grow at over 20 per cent in 2019-20.

For people earning more than Rs 5 lakh annually, the "old" tax rates will continue, said the chief of CBDT, the apex policymaking body of the taxman.

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As per income tax rules, taxable income is derived by adjusting all exemptions and deductions applicable under the income tax laws against the gross income. He also proposed to increase the Standard Deduction to Rs 50,000 from the current Rs 40,000. Under section 23 (5) of the Act now, the annual value of such unsold stock in trade is taxable after the end of ONE year from the year in which the certificate of completion is obtained. Moreover, interest on bank savings accounts will be tax-free up to Rs 40,000 compared with Rs 10,000 now. This means interest income on bank/post office deposits up to Rs 40,000 will not be subject to TDS.

"This will benefit small depositors and non-working spouses", he noted. Section 87A of the Income Tax Act provides a rebate of Rs 2,500 or the tax payable (whichever is lower) for individuals with total income not exceeding Rs 3.5 lakh'. Around 3 crore middle class taxpayers will get tax exemption due to this measure, the finance minster said.

Another very pragmatic proposal was on account of deleting the tax charged on notional income for a second residential house.

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In this case, he will have to pay taxes according to existing slabs.

By introducing the proposal to exclude this second house from the realm of notional taxation, it eases the hardship of several urban middle class families that are helpless about having to maintain two houses and pay taxes based on notional rents. "However they will have to file return of income though they will not have any tax liability", added Ashok Shah, partner, NA Shah Associates.

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No tax for annual income upto Rs 5 lakh, says Piyush Goyal