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Now, you don't have to pay income tax if your taxable income is up to Rs 5 lakh. Moreover, if you smartly claim the deductions allowed under Income Tax Act 1961, then you can even earn up to Rs 10 lakh and still pay no tax.
Finance Minister Piyush Goyal announced the Interim budget 2019 on 1st February 2019. During his speech, he announced an extended rebate of Rs 12,500 under Section 87A of the Income Tax Act up to the taxable income of Rs 5,00,000. Earlier this rebate was just Rs 2500 up to the taxable income of Rs 3,00,000.
This in no way means that the income tax slabs have changed. This would simply indicate a change in the rebate in tax payable amount. 70% of Indians have an annual income up to Rs 5 lakh. This would be major financial news for all those people.
Deductions/exemptions under Income Tax Act: drive.google.c...
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Chapters:
01:00 Income tax slabs
01:54 What is a new change to tax?
03:12 Save tax up to Rs 10 lakh
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Негізгі бет 🅾️ 0 INCOME TAX Upto 10 LAKH INCOME | Interim Budget | Financial News
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