Live Updates

  • 1:35 PM IST

    Budget 2019 LIVE: Custom duty on gold and other precious metals increased.

  • 1:34 PM IST
    Budget 2019 LIVE: “Angel tax” issue resolved – start-ups and investors filing requisite declarations and providing information in their returns not to be subjected to any kind of scrutiny in respect of valuations of share premiums.
  • 1:32 PM IST
    Budget 2019 LIVE: Faceless e-assessment with no human interface to be launched.
  • 1:30 PM IST

    Budget 2019 LIVE: India’s Ease of Doing Business ranking under the category of “paying taxes‟ jumped from 172 in 2017 to 121 in 2019.

  • 1:28 PM IST

    Budget 2019 LIVE: Surcharge on individuals having taxable income of Rs 2 cr to Rs 5 cr, and Rs 5 cr and more raised: FM

  • 1:26 PM IST

    Budget 2019 LIVE: Faceless income tax assessment in electronic mode involving no human interface to be launched this year in a phased manner, to reduce taxpayer harassment: FM

  • 1:21 PM IST

    Budget 2019 LIVE: No income tax for income less than 5 lakh per year.

  • 12:47 PM IST
    Budget 2019 LIVE: Government has already moved to GST council to lower the GST rates on electric vehicles from 12 per cent to 5 per cent. To make EVs affordable for consumers, Govt will provide additional income tax deduction of 1.5 lakh rupees on interest paid on the loan taken to purchase electric vehicles.
  • 12:44 PM IST

    Budget 2019 LIVE: “As far as corporate tax is concerned, a lower rate of 25 per cent is only applicable to the companies having an annual turnover up to 250 crores which will be expanded to all companies of annual turnover up to 400 crores, 99.3 per cent of all the companies,” Finance Minister Nirmala Sitharaman

  • 12:41 PM IST

    Budget 2019 LIVE: “Direct taxes have increased over the past couple of years, it has increased by 78 per cent from 6.38 lakh crore 2013-14 to 11.37 lakh crore in 2018-19”: Finance Minister Nirmala Sitharaman

New Delhi: In what may come as good news for middle-class taxpayers in Finance Minister Nirmala Sitharaman’s maiden Union Budget 2019, the government is likely to raise the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years.  (Catch LIVE Updates of Union Budget 2019 Here)

In February while presenting the Interim Budget 2019-20 in Lok Sabha, the then acting Finance Minister Piyush Goyal had announced full tax rebate for people earning up to Rs 5 lakh per annum. He had also announced that the 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. The measure was said to benefit around 3 crore middle-class taxpayers. Read: Union Budget 2019: Here’s What to Expect From Sitharaman’s Maiden Budget

Industry chamber Assocham, in its pre-Budget memorandum, had also suggested raising the basic exemption limit for an individual income tax payee to Rs 5 lakh from Rs 2.50 lakh, in the backdrop of inflationary impact over the years. (Complete coverage on Union Budget 2019)

“Considering the inflation over the years, tax exemption limit should be increased from Rs 2,50,000 to Rs 5,00,000,” the chamber’s memorandum to the Finance Ministry stated.

Meanwhile, reports claimed that Sitharaman’s Budget will reward the middle-class by increasing the ability to buy their dream home. In this regard, the tax deduction limit on interest on home loans may be increased to Rs 2.5 lakh a year from the present Rs 2 lakh limit. But this enhanced benefit will come with withdrawal of deduction for interest on second house that was allowed earlier.

At present, income up to Rs 2.5 lakh is exempt from personal income tax. Income between Rs 2.5-5 lakh attracts 5 per cent tax, while that between Rs 5-10 lakh is levied with 20 per cent tax. Income above Rs 10 lakh is taxed at 30 per cent. Rs 5 lakh exemption is only applicable to individuals of over 80 years.