Modi Government has presented its interim budget before the Lok Sabha elections. As per Budget 2019 Session, no tax will be allowed on the income of no more than six and a half lakh rupees. Yes, Modi Government has provided major tax relief to employees. This news gives a big relief to salaried employees whose gross salary is up to Rs. 6.50 Lakh.
Finance Minister Piyush Goyal has given big relief to the common man that people do not need to pay tax on the income of Rs 5 lakh in the next financial year. Let us tell you that even though Finance Minister Piyush Goyal has made income up to five lakh rupees out of the scope of tax. But the common man does not have to pay a single tax of up to six lakh rupees. So far, to earn five lakh rupees, there was a tax of 13 thousand rupees but now it has become zero.
Budget 2019 Session Income Tax Return:
In addition, the interest of the FD will not be taxed up to 40 thousand rupees. Till now, there was no tax on 10 thousand interests. No tax will be required on the income of Rs 6.5 lakh with investment. Budget 2019 Session passed yesterday which says that Women will not have to pay tax on the interest of 40 thousand rupees from the bank.
Finance Minister Piyush Goyal has given great publicity to the salaried workers in the final budget. Goyal has been paying the gratuity payment limit from Rs 10 lakh to Rs 20 lakh. This means that now the maximum amount of Rs. 10 lakhs paid after leaving the job after five years has been increased to Rs. 20 lakhs.