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News INCOME TAX

  • Feb 02, 2019
  • Good news! Income Tax rebate limit up at Rs 5 lakh, standard deduction at Rs 50,000

    Middle-CLASS households will have a little more to spend in 2019-20 with the tax rebate (Section 87A) threshold for the levy of income tax having been raised to Rs5 lakh. The change in the limit will save middle-class individual assessees Rs10,000 a year each; the total relief, across three crore individuals, is around Rs18,500 crore. That’s not all. Salaried individuals will now get the benefit of Rs50,000 per annum as standard deduction, higher by Rs10,000 than the earlier Rs40,000. Across three crore salary earners and pensioners, this amounts to a benefit of Rs4,700 crore.