Budget 2019: Income Tax Rebate Relief | Everything You Need To Know About Tax Rebate
A lot of people were relaxed after hearing about the Tax Rebate where people having an annual income of 5 Lakh Rupees will get the full tax rebate.
“Individuals with income up to Rs 5 lakh will not be required to pay any tax” said by Mr Piysuh Goel in Lok Sabha while presenting the budget for 2019-2020.
Whereas the tax rebate was icing on the cake for a few more people,
1. Individuals having a gross income up to 6.5 Lakh can avail the tax rebate if they are investing their money in Tax Saving Schemes like Provident Fund & Other Equities. So, definitely a piece of good news for people who are investment-savvy.
2. For Salaried People, the standard tax deduction has been raised which is definitely good news as the scale has been raised from 40,000 to 50,000.
3. For Homeowners, the TDS ( Tax Deduction at Source ) threshold value for the rental income has been changed to 2.4lakh ( earlier it was 1.8 Lakh)
So, I hope everyone would be happy with this news, Do share your views in the comment section with us.
Enjoy the day and Happy Savings !!