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Interim Budget 2019: Goyal puts extra cash in pockets of middle class

Besides the increase in rebate from Rs 2,500 to Rs 12,500, a rise in standard deduction will also provide marginal benefit

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Budget 2019  |  Interim Budget 2019

Sanjay Kumar Singh 

Finance Minister Piyush Goel has chosen to put extra money in the pockets of the middle class in an election year. In addition, he has tried to make life more convenient for deposit holders.

Tax benefit extended Goyal has made changes to Section 87A of the Income Tax Act, which deals with rebates. The interim Budget proposes to increase the limit of rebate from a taxable income of Rs 3.5 lakh to Rs 5 lakh. This means that people earning up to Rs 6.5 lakh (tax benefits of Rs 1.5 lakh under Section 80C) or more, depending on the exemptions such as medical insurance and others, ...

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First Published: Fri, February 01 2019. 21:55 IST