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Higher tax benefit will lead to economic growth: Piyush Goyal
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SME Times News Bureau | 12 Feb, 2019
Finance Minister Piyush Goyal on Tuesday said in the Lok Sabha that the
proposal to increase rebate for taxpayers up to Rs 5 Lakh has been
welcomed across India as it gives lower tax, higher cash in the hands of
small taxpayers which will also give a fillip to the economy.
Participating
in the Finance Bill discussion in the Lok Sabha, Goyal said: "The NDA
government allowed standard deduction of Rs 40,000 a year which is now
hiked To Rs 50,000 per annum".
"In the last five years, the
government has brought about a number of major changes in the income tax
concessions and deductions available to all the taxpayers. In one way
or the other, we have addressed every section of society," Goyal said.
Highlighting
the changes, the Finance Minister said interest payable on housing
loans has been increased to Rs 2 lakh from Rs 1.5 lakh while deductions
under 80C for investments made in certified savings have increased that
from Rs 1 lakh to Rs 1.5 lakh. The NDA government has also introduced
standard deduction which was not there earlier for salary earners and
pensioners up to Rs 50,000. Similarly, the exempt amount on which tax
was not payable at all has been increased from Rs 2 lakh to Rs 2.5 lakh
and then Rs 2.5 lakh to Rs 3 lakh by giving them additional rebate.
"In
this interim Budget, we have given further tax rebate so that incomes
up to Rs 5 lakh is exempt. We have also increased the exemptions
applicable to the senior citizens on interest incomes to Rs 40,000 from
Rs 10,000", he added.
The interim Union Budget 2019 has echoed
the government's firm commitment to substantially boost investment
across the agricultural, social, education and health sectors as well as
promote welfare for the economically weak, rural and the urban middle
class.
The direct tax proposals put forth in the Budget have
firmly portrayed the government's intention to continue extending
momentum of the buoyancy in direct taxes and expanding the taxpayer
base, with suitable respite, he added
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