Key Highlights Summary of Indian Union Budget 2019-20
Finance Minister Piyush Goyal presented the Budget for 2019-2020 in Parliament on 1st Feb 2019. Following are the highlights of his speech:
Personal Taxation
No income tax for those who earn up to Rs 5 lakh annually! (increased from current Rs 2.5 lakh)
Hike in standard deduction from Rs 40,000 per annum to Rs 50,000 per annum
TDS threshold for house rent to Rs 2.4 lakh per annum (earlier it was Rs 1.8 lakhs)
TDS threshold on Interest income (bank and PO interest) has been increased Rs 40,000. This is more of a convenience, however note that Interest more than Rs 10000 (where applicable) would still need to be added to the total income and tax to be paid.
Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in p...