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Finance Minister Piyush Goyal presented Interim Budget (Vote on Account Budget) for financial year 2019. The union general budget is presented in the parliament on 1st February 2019. Tax structures / rates & income tax slabs are not changed in the new budget. Full tax rebate is given to all those individuals who’s annual income is less than 5 lakh.
Budget 2019: New Income Tax Slabs for Individuals below 60 Years of Age
| Taxable Income Slab | New Income Tax Rates & Cess |
| Upto Rs. 2.5 lakh | NILL (No Tax) |
| Rs 2,50,001 to Rs 5,00,000 | 5% of (Total income minus Rs 2,50,000) + 4% cess |
| Rs 5,00,001 to Rs 10,00,000 | Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 & above |
Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
Budget 2019: New Income Tax Slabs for Senior Citizens (between 60-80 years of age)
| Taxable Income Slab | New Income Tax Rates & Cess |
| Upto Rs. 3 lakh | NILL (No Tax) |
| Rs 3,00,001 to Rs 5,00,000 | 5% of (Total income minus Rs 3,00,000) + 4% cess |
| Rs 5,00,001 to Rs 10,00,000 | Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 & above |
Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
Budget 2019: New Income Tax Slabs for Super Senior Citizens (above 80 years of age)
| Taxable Income Slab | New Income Tax Rates & Cess |
| Upto Rs. 5 lakh | NILL (No Tax) |
| Rs 3,00,001 to Rs 5,00,000 | 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 & above |
Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
Individuals who’s annual income upto Rs. 6.5 lakh doesn’t need to pay any tax if they invest in provident funds & prescribed equities. Standard deduction for salaried class is raised from Rs. 40,000 to Rs. 50,000. TDS on rental income is raised from 1.8 lakh to Rs. 2.4 lakh. 3 crore middle class tax payers will get benefited from the new tax slabs announced in the union budget 2019.
