Published: Sat, February 02, 2019
Technology | By Nina Perez

Budget 2019: 'Interim Budget just trailer for India's development,' says PM Modi

Budget 2019: 'Interim Budget just trailer for India's development,' says PM Modi

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. He said the tax base was also expanded to Rs 6.85 crore from Rs 3.79 crore. For people earning more than Rs 5 lakh annually, the "old" tax rates will continue.

Income tax refunds within 24 hours Income tax refunds will be processed within 24 hours and released immediately.

People earning larger incomes do not benefit from the changes to the tax rules because there is no change in the slabs, but only a rebate, according to experts. 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.

The Indian automobile industry was watching the Interim Budget 2019 with great interest. When the total income exceeds Rs 10 lakh, they will have to pay Rs 1,12,500 plus 30% of the amount by which income exceeds Rs 10 lakh.

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The government has announced new measures to benefit salaried class, farmers and workers among others in the Budget.

About three crore taxpayers will be benefitted from this enhanced standard deduction and revenue forgone for this will be about Rs 4,700 crore, he said. "However, anyone with a net taxable income above Rs 5 lakh will not be able to avail this tax benefit and only get the standard deduction benefit". "This has been hiked from Rs 40,000 to Rs 50,000 in the budget", he said.

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.

"From middle class to labourers, from farmers' growth to the development of businessmen, from manufacturing to MSME sector, from growth of the economy to development of New India, everyone has been taken care of in this interim budget", Modi said.

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