Union Budget 2019: Five new measures you need to know

Noel Cummings
February 2, 2019

Union Finance Minister Piyush Goyal, in his Budget 2019 speech on Friday announced several tax benefits for the salaried and middle class.

For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh comes free of tax. This has now been doubled.

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- Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime. This ensures that there would be a saving of Rs 12,500 for taxpayers who earn less than Rs 5 lakh. Those earning upto Rs 6,50,000 will not need to pay tax if they invest in specific schemes such as the Public Provident Fund and prescribed equities.

For those, he said, whose return of income or taxable return is more than Rs 5 lakh, the old slab of tax rates will continue. "I can tell you that this proposal (Rs 5 lakh income rebate) will be applicable from the coming financial year of April 1 after it is passed in this budget session of Parliament", Chandra said. "This will provide tax benefit of Rs 18,500 crore to 3 crore people", he added. He also announced that the TDS threshold on interest from bank and post office deposits will be raised from Rs 10,000 to Rs 40,000. ₹ 19,000 Crore has also been allocated towards rural road infrastructure for 2018-19, up 26 per cent over last year's ₹ 15,000 Crore allocation. This deduction replaced the existing transport allowance of Rs 1600 per month and medical allowance of Rs 15,000 per annum past year. No tax on notional rent on second house.

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This can be seen as a major populist move by the Modi-led NDA government to please the middle-class salaried population in India as the country gears up for general elections in a few months.

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