Budget 2019 highlights for Working class.
Individual tax payers with annual income of upto Rs 5 lakh are expected to get full tax rebate.
Those with gross income up to Rs 6.5 lakh will be exempted from tax payment, invest Rs 1.5 lakh under section 80C in any of the eligible tax saving avenues of PPF, EPF etc or use tuition fees paid for children to claim a deduction of the same amount from the gross total income.
TDS threshold limit has been proposed to be hiked to Rs 40,000 from the current of Rs 10,000.
There have been no changes proposed in the income tax slabs and rates in Budget 2019.
Income up to Rs 2.5 lakh is exempt from tax. Five per cent tax is levied on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh and 30 per cent tax on income above Rs 10 lakh.
TDS threshold for deduction of tax on rent is proposed to be increased from Rs 1,80,000 to Rs 2,40,000/-
Increase the tax-free gratuity limit from existing Rs 10 lakhs to Rs 30 lakh from the next fiscal.
Anganwadi and Asha Yojana honorarium has been enhanced by about 50% for all categories of workers.
The ceiling of ESI’s eligibility cover has been increased from Rs 15,000 pm to Rs 21,000 pm.
‘Pradhan Mantri Shram-Yogi Maandhan’ for the unorganised sector workers with monthly income upto Rs 15,000.
This pension yojana shall provide them an assured monthly pension of Rs 3,000 from the age of 60 years on a monthly contribution. An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs 100 per month till the age of 60 years. A worker joining the pension Yojana at 18 years, will have to contribute Rs 55 per month. The Government will deposit equal matching share in the pension account of the worker every month.
Source : Karanatkacoc.blogspot.com