Latest News

  • Home
  • National
  • Centre's Big Bonanza Before 2019 Polls, Budget Likely to Raise Income Tax Exemption to Rs 5 Lakh Per Year
Centre's Big Bonanza Before 2019 Polls, Budget Likely to Raise Income Tax Exemption to Rs 5 Lakh Per Year
15 January 2019 IST
Centre

While presenting his last full-fledged budget in 2018, Finance Minister Arun Jaitley had not altered income tax rates.
 

 
 

New Delhi: With just few months to go for the 2019 elections, this might be the Centre’s last attempt at influencing the electorate. What was otherwise going to be merely a vote-on-account, the Centre is mulling to increase the tax exemption limit from Rs 2.5 lakh per annum to Rs 5 lakh a year.
 
The Centre is not likely to make indirect tax policy changes in vote-on-account. The government is also not likely to cut corporate tax rate for remaining 1% corporate taxpayers.
 
The budget is likely to be presented on February 1, 2019.
 
While presenting his last full-fledged budget in 2018, Finance Minister Arun Jaitley had not altered income tax rates.
 
"The government provided enough tax relief to the salaried class in the last three years. I do not propose any further changes in the income tax front," Jaitley had said last year.
 
The government, however, introduced a standard deduction worth Rs 40,000 per annum for transport and medical reimbursements.
 
Jaitley in his 2017 budget had reduced rate of income tax to 5% from an erstwhile rate of 10% in the income slab of 2.5 lakh per annum to 5 lakh per annum.
 
Every individual whose total income exceeds tax exemption limit has to pay income tax based on prevailing rates applicable from time to time.

 
 

The income tax exemption limit till last year was 2.5 lakh per annum.
 
From FY 2017-18 onwards, the contention of 36 months has been reduced to 24 months in the case of immovable property being land, building, and house property.
 
Long-term capital gain is taxable at 20 percent + surcharge and education cess.
 
If securities transaction tax is not applicable, the short-term capital gain is added to your income tax return and the taxpayer is taxed according to his income tax slab.
 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
Here is the full list of 827 porn websites banned by the DoT

While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content. ...

Recently posted . 43K views . 1 min read
 

 Article
Class XII Boys Raped 16-Year-old in Dehradun School After Watching Porn on Phone: Police

The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...

Recently posted . 7K views . 1 min read
 

 Article
Sept 27,2001 Rahul Gandhi and his girl friend Veronique,was arrested in Logan airport in Boston

Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million. Rahul and his girl friend was th...

Recently posted . 6K views . 7 min read
 

 Article
TOP 10 GYM EQUIPMENT BRANDS IN INDIA 2017

True – Tr...

Recently posted . 6K views . 83 min read
 

 
 

More in National

 Article
The Union Budget for 2018-19 will be presented on February 1.

The Union Budget for 2018-19 will be presented on February 1.

Recently posted. 402 views . 0 min read
 

 Article
Indian Exchange Launches Lending Program for 5 Cryptocurrencies

An Indian crypto exchange has launched a program that allows its users to earn interest on their cryptocurrencies held at the exchange. Initially, users can lend BT...

Recently posted. 613 views . 1 min read
 

 Article
Now, social media to come under scrutiny to ensure prohibition of indecent representation of women

The offence will attract a penalty similar to that provided under the Information Technology Act, 2000.  

Recently posted. 421 views . 0 min read
 

 Article
GSAT-9 launch live updates: India’s Saarc satellite takes off from Sriharikota

The Geosynchronous Satellite Launch Vehicle (GSLV-F09) conveying the GSAT-9 or the "South Asia" satellite took off at 4:57 pm on Friday. Worked...

Recently posted. 557 views . 8 min read
 

 Article
A Man Was Allegedly Thrashed By 5 Goons In The Capital For Speaking In English

Are we becoming an intolerant society? This question becomes an important one because of everything that is happening around us. Our timelines are filled with news ...

Recently posted. 607 views . 3 min read
 

 
 
 

   Prashnavali

  Thought of the Day

We make our choices. Then our choices make us.
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top