Budget 2019: No Income Tax for Income up to 6.5 Lakhs

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The Union Budget announced by the Union Finance Minister Piyush Goyal for the year 2019-20 has increased the threshold limit for the levy of income tax up to Rs. 5 Lakhs. An additional amount of 1.5 lakhs is already available as a deduction. Consequently, there would be no tax liability on income up to Rs. 6.5 Lakhs.
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For the salaried class, the budget increased the amount of Standard Deduction to Rs. 50000 from the current Rs. 40,000.
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Additional deductions such as interest on home loan up to Rs. 2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance and medical expenditure on senior citizens etc, are also provided for in the Interim Budget 2019-20. Thus tax benefit of Rs. 18,500 crore is proposed to be provided to an estimated 3 crore middle class and small taxpayers comprising self-employed, small business, small traders, salary earners, pensioners and senior citizens.
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in the year 2017-18, the tax returns filed reached 6.86 crores, an increase of 25% over the previous year. This year, as on 31-10-2018, already 5.99 crore returns have been filed which is an increase of 54.33% compared to the previous year till this date. The new filers added this year are 86.35 lakh.