FM proposes tax rebate for those with income upto Rs 5 lakh

Finance Minister Nirmala Sitharaman during her budget speech did not propose any change in income tax slabs for individual taxpayers.

Sitharaman proposed full tax rebate for individuals with net taxable income upto Rs 5 lakh.

“Only when their (individual tax payers) annual taxable income exceeds Rs 5 lakh, they are required to pay any income tax”, Finance Minister said.

The Finance Minister also proposed to increase the surcharge on individuals having income between Rs 2-5 crore to 3% and 7% for those whose income exceeds Rs 7 crore.

In the Interim Budget presented by the government in February, the then Finance Minister Piyush Goyal had announced full tax rebate for individual taxpayers with taxable income upto Rs 5 lakh.

Published on: July 5, 2019 at 14:31 IST

By EP Web Desk