Tax proposals 2019-2020 at a glance for Individuals


Keywords: Budget2019#, IncomeTax#,Tax# Saved# After# Budget# 2019#


>Income Tax slabs will remain the same for FY 2019-20.

>Standard Deduction for the salaried class increased from Rs 40,000 to Rs 50,000.

>Tax Rebate Limit under 87A increased from Rs. 3.5 lakhs to Rs. 5 lakhs for taxpayers. The maximum limit of the tax rebate increased to Rs.12,500 from the present limit of Rs. 2,500.

>No tax on notional rent of second Self-occupied House under “Income from House Property” (up to two self-occupied house properties) to be considered for exemption.

>TDS limit hiked from Rs 10,000 to Rs 40,000 on Post Office Savings and Bank Deposits.

>Section 54 exemption now available on the second house property, provided the capital gains is less than or equal to Rs. 2 crores – to be availed only once in a lifetime.




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