WILL INTERIM BUDGET-2019 WILL BE A SANTA FOR MIDDLE CLASS ?

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January 21, 2019 | NEWS | Post by: admin

WILL INTERIM BUDGET-2019 WILL BE A SANTA FOR MIDDLE CLASS ?

With 10 days to go for Finance Minister Arun Jaitley’s Budget 2019 speech, speculation is that FM may be dolling out sops for middle class just months ahead of the general elections. The wish list of the common man as well as industry chambers includes income tax sops, and the speculations are that the government is likely to give in.

Jaitley may double the income tax exemption threshold for the salaried from Rs 2.5 lakh currently to Rs 5 lakh and reinstate tax-free status for medical expenses and transport allowance, IANS reported.

As per the demands for sops on Income Tax Front by FICCI and CII, the most probable slabs of slabs and exemption limits for next financial year,

EXISTING SLABS FOR FY 2018-19

PROBABLE  SLABS FOR FY 2019-20

INCOME TAX

TAX RATES

INCOME TAX

TAX RATES

UPTO 2.5 LAKH

NIL

UPTO  5 LAKH

NIL

2.5 TO 5 LAKH

5%

5 TO 10 LAKH

10%

5 TO 10 LAKH

20%

10 TO 20 LAKH

20%

ABOVE 10 LAKH

30%

ABOVE 20 LAKH

30%

About Exemption limit ?

As per recommendations given by CII, the FM may even go in for another sop of increasing exemption limit from existing 1.5 lakh to 2.5 lakh.

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