In his Interim Budget-2019 statement, the interim FM Shri Piyush Goyal announced that individual tax-payers with taxable yearly income up to Rs 5.00 lakh will get a complete tax exemption.
Further, Rs 1.5 lakh exemption is allowed under Section 80C of the Income Act. Standard deduction was raised to Rs 50,000 from Rs 40,000 presently. Conversely tax limit on post office deposits was raised from Rs 10,000 to Rs 40,000.
Furthermore, in support of farmers a direct income support scheme called the Pradhan Mantri Kisan Samman Nidhi was announced to maintain small and medium farmers, under which Rs 6,000 per annum will be provided to each farmer with land less than 2 hectares.
Stocks market has reacted positively to today’s interim budget voice. During mid-market session, the BSE Sensex at 36,684.74 , up by 428 points and NSE Nifty50 up by 129 points at 10960.55 at around 1.25 pm, Friday.