ITR exemption Limit Increased may go up to Rs 5 lakhs, Budget 2019-2020

Income Tax Return exemption limit increased maybe go up to Rs 5 lakh per year in the interim budget, At this moment, Income Tax Return up to 2.5 lakh is exempt from personal income. Income between Rupee 2.5 – 5  lakh attracts 5 percenta tax, while that between Rupee 5-10 lakh is levied with 20 percent tax, and Income Between Rupee more than 10 lakh attracts 30 percent tax paid. Also, free Tax medical expenses up to Rs 15,000 and transport allowance Free Tax up to Rs 19,200 per annum has been replaced with a Rs 20,000 standard deduction for those earning above Rs 5 lakh last year. This will benefit taxpayers to the tune of Rs 12,500 annually which is not much but can be viewed as a sentiment buster.

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