Budget 2019: 5 big announcements for the salaried class

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In a major boost to the salaried class, interim Finance Minister Piyush Goyal announced during the Interim Budget that all those earning up to Rs 5 lakh a year will not have to pay income tax.

Assured income to farmers Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three installments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding.

Even after that, he added, if a person is earning Rs 6.5 lakh per annum, and he or she deposits Rs 1.5 lakh under 80C (section of I-T Act that deals with deductions) in PPF, GPF, insurance, then his taxable income becomes Rs 5 lakh though he is earning Rs 6.5 lakh.

Goyal also proposed that benefit of rollover of capital tax gains be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains of up to Rs 2 crore.

This will be an interim budget ahead of 2019 Lok Sabha Elections, in which the PM Narendra Modi-led NDA government will try to woo voters through tax sops. Income from Rs 3 lakh to Rs 5 lakh is taxed at 5 per cent, and an income from Rs 5 lakh to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.

"This will provide the benefit of Rs 18,500 crore rpt crore to 3 crore middle-class taxpayers self-employed, senior citizens", he said, adding the number of beneficiaries will go up for those who have made investments in mediclaim and pension. A sum of Rs 75,000 crore was allocated for the scheme by the finance minister.

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Pension scheme for unorganised sector workers for monthly income up to Rs 15,000. No tax on notional rent on second house.

However, there has been no increase in the threshold limit of Rs 2.5 lakh.

Standard deduction, too, has also been raised to Rs 50,000 from Rs 40,000.

All those earning up to Rs 5 lakh a year will now receive a full tax rebate.

Budget 2019 jokes and memes have taken over Twitter.