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Common Man's Guide to Budget 2019 Highlights
Original: Common Man Should know from Budget 2019 Highlights in Telugu | Money Purse | Sai Krishna Pathri CFP
Takeaway
Budget 2019 used a rebate trick to effectively zero-tax income up to Rs 5 lakhs and raised standard deduction to Rs 50,000.
Summary
- Income tax rebate u/s 87A makes income up to Rs 5 lakhs tax-free if all deductions applied (12,500 rebate equals tax on Rs 2.5-5L slab)
- For income above Rs 5L: 5% (Rs 2.5L-5L), 20% (Rs 5L-10L), 30% (above Rs 10L) - same slabs as prior year
- Standard deduction raised from Rs 40,000 to Rs 50,000 - extra Rs 10,000 benefit for salaried
- Section 194A TDS threshold on interest income raised from Rs 10,000 to Rs 40,000
- Capital gains on ancestral property reinvestment exemption discussed; education cess at 4%, surcharges 10%/15% above Rs 50L/Rs 1cr
Budget 2019income tax87A
Original description
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