The Union Budget 2019 was presented by Finance Minister Piyush Goyal in the Lok Sabha Friday. The interim Budget, or vote-on-account, was the last for the BJP-led government before the country goes to polls in the General Elections. Goyal announced that individual taxpayers with an annual income up to Rs 5 lakh will get full tax rebate. Moreover, individuals with a gross income of Rs 6.5 lakh will have to pay no tax if they make an investment.
The Budget session, convened for conducting urgent financial business, commenced on Thursday with a customary address by President Ram Nath Kovind. The Lok Sabha and the Rajya Sabha will have 10 sittings each till February 13, when the session concludes.
The two Houses will take up for discussion the Motion of Thanks for the President’s address and the interim budget.
Calculate Income Tax for FY 2019-2020
To calculate how much income tax you will have to pay in 2019-20, use the income tax calculator below and see how your finances will be impacted. This income tax calculator for 2019, by financialexpress.com and EY, takes into account standard deduction, long-term capital gains tax, rental income from second house property, and covers detailed income, expense and investments heads.
Note: This calculator is for resident individuals below 60 years of age. This Tax Calculation is subject to marginal Relief, if applicable. This calculator does not account for inter head loss adjustments.