While unveiling the Interim Budget 2019 on Friday February 1, Interim Finance Minister Piyush Goyal announced that all those earning less than Rs 5 lakh will get a full tax rebate.
“Individual taxpayers with annual income up to Rs. 5 lakh will get full tax rebate. Individuals with gross income up to Rs. 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities. Around three crore middle class taxpayers will get tax exemption due to this measure,” Piyush Goyal said.
He further announced that those with income less than Rs 6.5 lakh can also enjoy rebate if they make investments worth Rs 1.5 lakh.