Relief in income tax to the middle class and complete exemption from dividend distribution tax to companies and a firm promise of a reliable and transparent tax system in the future. The new economy formula is to give wings to the hopes of the lava youth. Promote new ways of farming to double income. The increase in allocation for the infrastructure sector and more insurance cover to the people holding money in banks. All these announcements are for the General Budget 2019-20.
LIC employees announces strike against government
It may not have the dose of major reforms in view of the booming economy of recession, but it is definitely a roadmap showing the direction of the country's economy during the next decade. This is the second general budget of Finance Minister Nirmala Sitharaman and this time he focused more on strengthening the basic elements of the economy and accelerating the economy for a longer period than the market and industry expectations.
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It has announced to give a rebate of up to 10% in the income tax rate for the category of the annual income of 15 lakh rupees. With this, the condition has been laid that the taxpayer enjoying the benefit of taxpayer standard deduction will not get this exemption. Neither standard deduction of Rs. 50 thousand can be received nor Rs. 1.50 lakh on children's education and other investment. Later, the Finance Minister has described it as the first step towards the complete elimination of income tax exemptions and simplification.