Budget 2019-20: No Tax upto Rs.5 Lakh, 1.5 Lakh for Saving, Standard Deduction Rs.50,000 & Bank Interest TDS threshhold Rs. 40,000 

Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities :FM Piyush Goyal 

• Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate

• Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities

• Around 3 crore middle class taxpayers will get tax exemption due to this measure:

• Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees:

• TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees

• TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees

: FM Shri Piyush Goyal

(Source :  Posted by Kiran Kumari of Staffnews)