In his address for the interim Budget 2019, Finance Minister Piyush Goyal introduced no changes to the tax slabs but announced full tax rebate for those who earn less than Rs 5 lakh. Also those whose gross income reaches to Rs 6.5 lakh will not be required to pay any income tax if they make investments in Provident Funds, Insurance etc, Finance Minister announced.
But, as no new tax slab has been introduced the situation remains same as before for those whose net income is more than 5 lakhs.
In the current scenario those who earn between Rs 2.5 lakh and Rs 5 lakh will have to play a tax of 5% on their earnings over Rs 2.5 lakh. This situation now changes as no tax would be charged on people whose annual earning is less than 5 lakh and it stands to be fully rebated. However for those whose net earning are more than Rs 5 lakh will continue to pay tax on the difference of Rs 2.5 lakh.
Piyush Goyal presented the interim budget at 11 am today for the financial year 2019-20. Both the houses of Parliament- the Rajya Sabha and the Lok Sabha, will remain in session till February 13 for the Budget Session, which began on Thursday. A total of 10 sittings are slated to take place.