NaMo Magic: Full Income Tax Rebate For Income Up To Rs 5 lakh
Interim Union Finance Minister Piyush Goyal gave his pre-election budget speech and well, it was quite a budget! The budget proposed sops for farmers and millions of employees in the unorganized sector along with tax breaks for the middle class.
But the biggest highlight of the budget is the tax exemption for income up to Rs 5 lakh per year. And on top of that, Individuals with a gross income up to Rs 6.5 lakh won’t have to pay any tax if they make investments in provident funds and prescribed equities.
The announcement sent a wave of cheers from the parliament members and soon the house floor erupted in a ‘Modi’ chant. You can check out the twitter post below of the announcement and how everybody breaks in Modi praise immediately.
Individual taxpayers having annual income upto Rs 5 lakh will get full tax rebate Individual with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities#Budget2019#BudgetForNewIndia pic.twitter.com/TBCZnm53So— Anurag jaiswal (@ajaswal20) February 1, 2019
Will this prove to be the nail in the coffin for Congress in the 2019 elections?