Published On: Fri, Feb 1st, 2019

No tax for income up to Rs 5 lakh: Interim Budget 2019

Finance Minister Piyush Goyal presented the Interim Budget on Friday terming it as “A Budget for everyone.”

Interim Budget 2019

A tax rebate for individual taxpayers earning up to Rs 5 lakh was announced but with a catch. The income tax (I-T) slabs was not tweaked and earning between Rs 5 lakh and Rs 10 lakh will attract in 2019-20 a tax of 20 percent.

The minister announced Rs 6,000 annual cash dole to poor farmers under the scheme called Pradhan Mantri Kisan Samman Nidhi. The benefit will only be made available to owners having less than two hectares of cultivable land.

The TDS limit on interest from bank or post office was raised from Rs 10,000 to Rs 40,000.

The government announced pension for the unorganized sector workers. An assured monthly pension of Rs 3,000 will be given to those whose monthly income is up to Rs 15,000. It will come at a monthly contribution of Rs 100 per month between the age group of 29 and 60. The pension yojana is named as Pradhan Mantri Shram-Yogi Maandhan (PMSYM).

Other areas to take note of from the Interim Budget include:

Building up of next-generation infrastructure physical and social for a 10 trillion dollar economy.

Building a Digital India that reaches every citizen.

Clean and green India that drives electric vehicles with renewables becoming a major source of energy.

Expansion of rural industrialization using modern industrial technologies.

Clean rivers with safe drinking water to all Indians.

Coastline and ocean waters to power development.

Manned space missions by 2020.

Self-sufficiency in food.

Healthy India with distress free and comprehensive wellness system for all.

Minimum government and maximum governance.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade. He can be contacted at knowledgeherald@gmail.com

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