Middle class citizens of India are cheering Budget 2019 presented in Parliament by Finance Minister Piyush Goyal. Taxpayers with annual income upto 5 lakh are freed from Income Tax. Individuals with income upto 6.5 lakh also need not pay tax if they invest in provident fund or other equities.
Standard tax deduction for salaried persons raised from 40k to 50k. House rent limit has been raised from 1.8 lakh to 2.4 lakh. Around 3 crore tax payers will get tax exemption due to the new system.
