New Delhi: Finance Minister Piyush Goyal has proposed that individuals with annual income up to Rs 5 lakh will get full tax rebate under section 87A.
Shalini Jain, Partner, EY India says, “This means that anyone with net taxable income up to Rs 5 lakh will not be required to pay any taxes. However, anyone with net taxable income above Rs 5 lakh will not be able to avail this tax benefit.”
In the Finance Bill, 2019 the maximum amount of tax rebate under section 87A of the Income Tax Act has been propsosed to increase to Rs 12,500 from the existing Rs 2,500. This proposed tax rebate will be admissble to taxpayers having total income up to Rs 5 lakh instead of current Rs 3.5 lakh.
Currently, income up to Rs 2.5 lakh for resident individuals (age below 60 years) is exempt from tax. Similarly, for senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempt from tax. Income up to Rs 5 lakh is exempt from tax for super senior citizens (age 80 years and above).
In Budget 2017, Jaitley slashed the tax rate for income between Rs 250,001 and Rs 5 lakh to 5 per cent from 10 per cent earlier. This rate cut gave a tax relief of Rs 12,500 to every taxpayer.
Income tax rates for individuals below 60 years is as follows: No tax on income up to Rs 2.5 lakh, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh.
For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh is exempt from tax. Income from Rs 300,001 to Rs 5 lakh is taxed at 5 per cent, from Rs 500,001 to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.
For super senior citizens, aged 80 years and above, income up to Rs 5 lakh is exempt from tax. Income from Rs 500,001 to Rs 10 lakh is taxed at 20 per cent and above Rs 10 lakh is taxed at 30 per cent.
In the previous budgets also, the Narendra Modi led-government provided tax relief to taxpayers. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh. Along with that deduction, limit under section 80C was hiked by Rs 50,000 to Rs 1.5 lakh and deduction on interest paid on a housing loan to Rs 2 lakh.
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