In the last five years, your tax slab has been raised only once. In 2014, your basic exemption limit for income tax, if you are not a senior citizen, was raised to Rs2.5 lakh from Rs2 lakh. Analysis of various…
Tax changes from last 5 years
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Income Tax Slabs for FY 19-20
The 2019 Interim Budget was presented on 1 February 2019 by the interim Finance Minister Piyush Goyal. The biggest announcement this time is the fact that incomes up to the extent of Rs.5 lakh will be exempt from tax. In…
Budget 2019 – Tax Changes
The rebate under Section 87A of the Income tax Act, 1961, has been raised to ₹12,500. It is only applicable for those with net taxable income of up to 5 lakh. A rebate is the amount of tax the taxpayer…
Budget 2019 – Personal Finance Highlights
Union Finance Minister Piyush Goyal presented the interim budget for 2019 on Friday. There was a lot in it for taxpayers, especially those in the low and middle income groups. Here is a look at the most important announcement made…
Budget 2019 Impact on Middle Class
This year’s Budget, which was largely expected to be a vote on account, without any changes in the tax law, surprised taxpayers by containing eight amendments, all of which are beneficial to taxpayers. The additional pleasant surprise was that, other…
Tax on Rental Income
Interim budget 2019, Finance Minister Piyush Goyal has proposed to extend the benefit of self-occupied property to two houses, if it is not let out. At present you could only do this with one house property. If you have three…
Budget Impact on Business and MSME
Finance Minister Piyush Goyal on 1st Feb 19 announced a 2 per cent interest subvention for MSMEs that have taken a loan of Rs 1 crore. The government will make it mandatory to source 25 per cent from the SME…
Budget 2019 – Tax break for Income group
The interim budget has proposed to give full rebate to those earning up to Rs 5 lakh anuualy. This will send an estimated 3 crore taxpayers out of the tax net. At present, those earning up to Rs 3.5 lakh…
Highlights of Interim Budget 2019-20
The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows: New Announcements Farmers 12 crore small and marginal farmers to be…