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Budget 2019 has brought great relief for the taxpayers whose annual income is between INR 3.5 lakh to INR 5 lakh. Not too much has changed in terms of tax paying slabs for anyone who does not fall under this range. If your annual income is in the range of INR 3.5 lakh to INR 5 lakh, you do not have any tax liability.
The Budget comes with some other declarations, which can help you save money. Here are some of the most significant ones:
The changes in tax rules begin with the modification of the standard income tax deductions on salary for taxpayers. The amount has been increased to INR 50,000 from the previous amount of INR 40,000. The changes in tax rates can help you save money depending on your tax slab.
|Tax slab||Amount saved|
|Below INR 5 lakh||INR 520|
|Between INR 5 lakh to 10 lakh||INR 2,080|
|Between INR 10 lakh to 50 lakh||INR 3,120|
|Between INR 50 lakh to INR 1 crore||INR 3,432|
The new rule with changes in the tax for a second house brings good news for those who own two houses. If one of your houses remains unused, you previously had to pay tax on the locked house’s assumed rent. This rule is abolished in Budget 2019. For example, if you have an unused house with a presumed rent of INR 25,000 per month and you fall under the 30% tax slab then the new income tax deductions will help you save INR 93,600 on taxes.
From now on, you will also receive an exemption from capital gains tax on the sale of residential property as mentioned in the recent Budget. Previously, you had to buy another property within a year to save taxes on the capital gain from selling a house. Now, you can split this investment by buying two houses within two years.
The tax rates 2019 also bring significant changes in Tax Deducted at Source (TDS) norms. Earlier, the TDS applicable on interest earned from bank and post office had a deduction
limit of INR 10,000. It has been increased to INR 40,000 this year. The TDS limit on house rent was INR 1.8 lakh. The new limit is INR 2.4 lakh, which is a significant increase.
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