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In a Big relief to the middle class people Finance Minister Piyush Goyal said that there will Full tax rebate for the individuals having Income of Rs 5 lakh per annum.
Those having an annual income of Rs 5 lakh per annum will get full rebate in Income-tax said Piyush Goyal announced during budget speech.
“Individual taxpayers having annual income up to Rs5 lakh will get a full tax exemption and therefore will not be required to pay any income tax”
He further added, “Even people who are having gross income up to Rs6.50 lakh may not be required to pay income tax if they make investments in provident Funds, Specified savings, Insurance etc.”
“This will provide a tax benefit of Rs 18,500 crore to an estimated three crore middle-class taxpayers comprising self-employed, small business, small traders, salary earners, pensioners and senior citizens,”he said.
Other important announcements are favourable loan terms for small businesses, farm loan waiver and even direct cash transfers to small farmers.
The Finance Minister said it will send Rs. 6,000 to small farmers directly into their bank accounts in a scheme that will be funded 100 per cent by the centre.
The Above programme will cost Rs. 75,000 crore, he said
-Sai Kumar
