New Delhi, Feb 1 (LocalWire) Presenting the Interim Budget 2019, Union Finance Minister Piyush Goyal on Friday announced extension of tax relaxation limit up to Rs 5 lakh per annum.
Odisha has around 6 lakh tax payers, 30% of whom will be benefitted as per the announcement, a senior income tax official stated.
According to the announcement, new income tax limits will be applicable from 2020-21 economic year. A person who earns Rs 5 lakh per annum will not be liable to pay any tax and an additional Rs 2.5 lakh (7.5 lpa) will also come under relaxation limit for investors only.
Standard tax deduction for salaried employees has been increased from Rs 40,000 to Rs 50,000 in the budget. Similarly, yearly bank interest up to Rs 40,000 will not be taxable, the Finance Minister announced.