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Budget 2019 to Bring Rebate Changes for Income Tax Payers.

This year’s interim budget was quite peculiar than last year’s and its bounties seems to have transformed the lives of income tax payers, especially the middle class families who are no longer required to pay income tax if their earnings are up to Rs 5 lakhs. This full tax rebate on annual personal income proposed by finance minister, Piyush Goyal has given income taxpayers a holistic understanding about investing their earnings in profitable avenues and bringing quantifiable results within their work space.

"As a result, even persons having gross income up to Rs. 6.50 lakh may not be required to pay any income tax if they make investments in provident funds, specified savings, insurance etc.," said Mr Goyal, during a conversation with NDTV.

However, with these rebate changes lifting the hearts of income taxpayers, Piyush Goyal also announced that an increase in standard deduction limit for employees will provide an additional tax benefit from three crores to 4,700 crores.

Changes in TDS (Tax Deducted at Source):

Small depositors and non-working spouses are likely to reap the benefits from this interim budget as the government has announced a four-fold increase in the TDS threshold applicable to interest on bank/post office deposit from Rs 10,000 to Rs 40,000.

Relief to house owners:

Income taxpayers now have the leverage to own two self-occupied properties without paying rent on the second house. However, this deduction due to housing loan availed for both parties will be capped at Rs 2,00,000 only.

Digital Transformation:

The phrase ‘digital transformation’ is playing a significant role in every field to mark its importance and change the outlook of professionals from different walks of life. The government has taken relevant steps from the budget 2019 in setting up a facility to process tax return within 24 hours and tax refunds simultaneously.

This bold step will enhance the productivity for many banking institutions and build a more prestigious profile for the financial system of India.

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