Budget 2019

Sushubh

Sushubh

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Tomorrow is going to be a big day in the life of Modi Government. They would file deliver acche din for critical voter base tomorrow because you know why!
 
There is no change in the tax slabs and the increment in the 80C. 🙁
 
Usually, both salaried and professionals are considered as individuals and the slabs have always been for individuals. There has never been two different slabs (one for salaried class and for business class).

Individual business man is considered as individual too.

However, each class enjoys certain benefits that are unique to them.
 
Income Tax exemption limit | Budget 2019: Only those with income up to Rs 5 lakh to pay no tax, rates remain same for all others

In the Finance Bill, 2019 the maximum amount of tax rebate under section 87A of the Income Tax Act has been propsosed to increase to Rs 12,500 from the existing Rs 2,500. This proposed tax rebate will be admissble to taxpayers having total income up to Rs 5 lakh instead of current Rs 3.5 lakh.
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Shalini Jain, Partner, EY India says, “This means that anyone with net taxable income up to Rs 5 lakh will not be required to pay any taxes. However, anyone with net taxable income above Rs 5 lakh will not be able to avail this tax benefit.”
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5 Lac is the indirect way of buying the votes of Middle Class Business Man who wanted to vote against BJP in forthcoming elections.

And, What I've heard from my CA is that if anyone surpasses the 5 Lac Gross Total cannot avail the benefits.

So basically, it's not good for anyone who earns even Re. 1 more than 5 Lac.
 
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