Budget 2019 It is possible that the Finance Minister Nirmala Sitharaman should increase the tax refund limit to three lakh rupees. That is, those who earn Rs three lakh rupees annually do not have to pay any income tax.
At present, the limit is 2.5 lakh rupees. If this happens, you will save at least 2,500 annually. In the 2014 budget, then Finance Minister Arun Jaitley had increase . The non-payment of income tax from Rs two lakh to two and a half lakh rupees.
Budget 2019 : Will Nirmala Sitharaman give some exemption in income tax?
There can also be good news for those who have retired or do. It is possible that those who have taken a lump sum amount from NPS, ie National Pension Scheme, have to pay no tax on them. In the event of the first 40 withdrawal of a lump sum pension, income tax was not levied on 40 percent of the amount.
Arun Jaitley extended it At present, only 20 percent of the tax has to be paid. Now, if the finance minister becomes merciful . Then the pension may be completely tax free, that is, you do not have to pay any tax for a lump sum withdrawal from the pension.
It is understood that the government can try to give relief to the lower middle class through it. One reason for this is that this class does not have any source of income other than salary and this class always remains under pressure.
Budget 2019 : Finance Minister Nirmala Sitharaman will present his first budget on July 5
Finance Minister Nirmala Sitharaman will present his first budget on July 5. Everyone’s eyes are resting on it . The government can increase the exemption limit in long-term capital gains tax from Rs 1.5 lakhs. This means that the income which is earn from doing business in the capital market is tax on the tax which is taxable . Currently, income up to one lakh rupees is exempt. It can be extended. The capital market can get some strength from it. The government can make this decision to please middle and small shareholders and businessmen.
Similarly, on receiving health insurance, a rebate of up to 25 thousand rupees under section 80D of income tax. That is, the health insurance premium of up to Rs 25,000 is deducted from your income .
Which means that you have to pay tax at such a low amount. The middle classes get the benefit of the Budget 2019 exemption under section 80C and 80D of income tax. A large part of this class lives in cities and towns. This group is a strong supporter of the BJP and the party has got the highest support from this class.