The 2019 budget has touched upon critical areas such as enhancing tax exemption for salaried employees and digitising the entire tax filing process. The decision to carry all tax verifications via an anonymous digital interface and processing all tax returns within 24 hours displays the Government’s strong intention to build a digital nation, whilst putting convenience in the hands of its citizens and ensuring complete transparency. Finally, the increase in the standard deduction for salaried citizens from INR 40, 000 to INR 50, 000 is an encouraging move as more than 3 crore middle-class taxpayers will now get the tax benefit of almost 4700 cr. In addition to this, the Government of India has also exempted tax for employees earning an annual income of up to INR 5 lakh which is a welcome move as it gives more liquidity to the taxpaying citizens of the country.
@Technuter.com News Service