- TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees.
Goyal was appointed interim Finance Minister on January 23 with Arun Jaitley undergoing treatment in the United States.
Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, which is widely expected to contain certain sops for farmers and middle class. Piyush Goyal may announce a piece of good news for the stressed farmers in name of relief packages and tax assumption for the stressed small scale businessmen.
The allocation is about eight per cent more than last year's Rs 1.48 lakh crore but the infusion of investment by the Modi government to upgrade the country's archaic railway infrastructure makes it around 148 per cent hike in capex since 2014.
While HRA is decided depending on your basic salary, there are several other factors that affect it including the city you live in. Any amount over the limit applies for income tax.
For the general category (individuals aged below 60 years), no income tax is required to be paid if annual income does not exceed Rs 5,50,000. Those earning Rs 3,00,001 and Rs 5,00,000 have to pay an income tax of 5 per cent along with 3 per cent additional health and education cess. The scheme will cost Rs 75,000 crore in 2019-20, and Rs 20,000 crore for the remaining part of the current financial year, Goyal said.
He further said India attracted Dollars 239 billion in FDI (foreign direct investment) in the last five years.