Mr. Piyush Goyal The Finance Minister 2019’s budget gift- Full Tax rebate for Salaried up to 5lakh

News and Updates

The budget interim has proposed to give a full rebate for those who earn up to Rs.5lakh a year. Now, 3crore people don’t have to pay tax if this proposal got approved. People with earning of 3.5lakh a year are eligible for a tax rebate of Rs.2,500 under 87A. This budget proposes to increase that tax rebate up to Rs.12,500.

Now here we are giving a table that how 2019 budget will help you to save your tax.

Income in between Rs 2.5lakh- Rs 5lakh

SubjectPre-BudgetPost-Budget
Salary3,60,0003,60,000
Standard Deduction-40,000-50,000
Taxable Salary3,20,0003,10,000
Tax on Above1,0400
Less : 87A Rebate1,0400
Finale Payable Tax (CESS includes)00
Saved Tax1,040

Income in between Rs 5lakh- Rs 6lakh

SubjectPre-BudgetPost-Budget
Salary5,50,0005,50,000
Standard Deduction-40,000-50,000
Taxable Salary5,10,0005,00,000
Tax on Above15,0800
Saved Tax15,080

Income in between Rs 6lakh- Rs 10lakh

SubjectPre-BudgetPost-Budget
Salary8,50,0008,50,000
Standard Deduction-40,000-50,000
Taxable Salary8,10,0008,00,000
Tax on Above77,48075,400
Saved Tax2,080

Income in above Rs 10lakh

SubjectPre-BudgetPost-Budget
Salary105000010,50,000
Standard Deduction-40,000-50,000
Taxable Salary101000010,00,000
Tax on Above1,20,1201,20,120
Saved Tax3,120

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