TDS limit on bank deposits raised from Rs 10,000 to Rs 40,000.
"So people earning up to Rs 6.5 lakh may not have to pay tax if they make investments in specified savings".
These sops, combined with the other goodies announced, mean that anyone earning up to Rs 10 lakh can walk away with Rs 0 tax payable if they just plan smartly.
No income tax on taxpayers earning up to Rs 5 lakh, from Rs 2.5 lakh now. For people earning more than Rs 5 lakh annually, the "old" tax rates will continue.
Chicago Bulls Rumors: Potential trades involving Anthony Davis
Porzingis was averaging 22.7 points, 6.6 rebounds, 1.4 assists and a league-leading 2.4 blocks per game prior to his injury. The Boston Celtics have been backed to rival the Lakers for Davis, but they can't make a move until the end of the season.
The Income Tax department will move towards faceless assessment and verification of returns, Goyal said Friday.
The Budget also proposed to exempt tax on notional rent for unsold housing units for two years. This, the FM said, will benefit almost 3 crore middle-class income earners.
The interim finance minister also announced a Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan (PMSYM), to provide assured monthly pension of Rs 3000 per month, with contribution of Rs 100 rupees per month, for workers in unorganised sector after 60 years of age. He said the tax base was also expanded to Rs 6.85 crore from Rs 3.79 crore. The eligibility of the total income to avail the benefit has now been increased Rs 5 lakh from the earlier from Rs 3.5 lakh.
"After the failed budget promise of enhanced procurement of crops through a revised Minimum Support Price (MSP) formula in 2018-19, the Interim Budget will be the last chance for the government to woo a larger section of society by altering both taxes and outlays on the schemes", said expert.
With an eye on upcoming general elections, he also proposed to raise the standard deduction to Rs 50,000.