Budget 2019: Income tax exemption limit raised to Rs. 5 lakh
New Delhi, Feb 1 (IBNS) : Union Finance Minister Piyush Goyal proposed rise in the income tax exemption limit to Rs. 5 lakh as he presented the National Democratic Alliance Government's sixth and final budget on Friday.
According to the budget proposal, which obviously aims at the 2019 Lok Sabha polls, standard deduction is to be raised from Rs. 40,000 to Rs. 50,000 while salary earners of up to Rs/ 6,50,000 income are not to pay tax if they make tax related investments.
He announced that all income tax returns will now be processed in 24 hours and refunds issued simultaneously.
Standing in as finance minister as Arun Jaitley is on medical leave, this is Goyal’s first budget speech, though it is the second time that he is holding interim charge of the finance ministry.
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