(Image source from: Twitter.com/ANI)
No Income Tax For Individuals With Income Up To Rs 5 Lakhs:- Union Finance Minister Piyush Goyal proposed during the budget that all the individuals with income upto Rs 5 lakhs need not pay any income tax for the financial year 2019-20. Narendra Modi and his government offered tax relief for payers in the last budget too. After BJP won in 2014, the minimum tax exemption limit was raised from Rs 2 lakhs to Rs 2.5 lakhs. Under section 80C the limit was hiked by Rs 50,000. Currently, income up to Rs 2.5 lakh for resident individuals (age below 60 years) is exempt from tax.
Along with this, Piyush announced huge benefits for farmers announcing Rs 6000 per year for farmers who are under the line with just 2 hectares of land. Now with this announcement of income tax cap of Rs 5 lakhs, these would help them get a huge boost during the upcoming Lok Sabha polls.