Finance Minister Piyush Goyal said that now people who are earning up to Rs 9.5 lakh can save their income tax by savings schemes. That is, the tax on such income can now be saved. The Finance Minister said that tax concessions have been provided in the budget to help the poor and middle class people.
Responding to the Finance Bill in the Lok Sabha, he said that he has not made any change in the tax rate but provided some concessions which would encourage the economy and would help the economy. The Finance Bill (2019), which includes tax proposals, has been approved in the Lok Sabha by voice vote and this has resulted in the budget process in the lower house.
Attacking the Congress, he said that unlike the previous UPA government, the current Modi government has not reduced the rate of tax on the SUV in the interim budget, which is used by rich people. In the Finance Bill 2019, the tax exemption on income up to Rs 5 lakh has been increased from Rs 2,500 to Rs 12,500, which ensures that they will not have to pay taxes. Standard deduction in this bill has also been increased from Rs 40,000 to Rs 50,000. Apart from this, home buyers have also been given tax benefits. At the same time, raising the limit of TDS on interest income from Rs 10,000 to Rs 40,000 will give relief to senior citizens.