Union Budget 2019 highlights: Tax Cut for Middle Class and Relief for small farmers

  • Individual tax payers with income up to 5 lacs rupees to get full tax rebate.
  • Individual tax payers with income up to 6.5 lacs rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
  • TDS threshold on rental income raise from 1.8 lacs to 2.4 lacs.
  • Around 3 crores middle-class tax payers will get tax exemption due to the measures been taken, as per finance minister.
  • Gratuity limit has been increased from 10 lacs to 30 lacs rupees.
  • Businesses with less than Rs. 5 crores annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
  • Cost of voice and data calls in India is now possibly the lowest in the world, mobile and mobile parts manufacturing companies have increased from 2 to 268, said finance minister.