Budget 2019 income tax slabs: Here’s how much income tax you will pay after new slabs

Budget 2019 highlights: Finance minister Piyush Goyal has proposed full tax rebate for individual tax payers having annual income up to ₹5 lakh in Budget 2019.

Finance Minister Piyush Goyal in his Budget 2019, that comes months ahead of the Lok Sabha polls, proposed mega tax relief measures for the middle class.

People watching union Interim budget at the shop in Patna on Friday, February 1, 2019. (AP Dube / HT Photo)

Read: Highlights of Budget 2019

In a big news for taxpayers, Goyal proposed that individual taxpayers having annual income up to ₹5 lakh will get full tax rebate. Also, taxpayers with gross income up to ₹6.5 lakh will be exempt from tax if they make investments in provident funds and prescribed equities.

Here are the tax proposals put forward by the Finance Minister:

* Income up to ₹5 lakh to get full tax rebate, says Piyush Goyal while reading out tax proposals.

*Individuals with gross income up to ₹6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities.

* TDS threshold on rental income raised from ₹1.8 lakh to ₹2.4 lakh.

*TDS slab on interest on bank, post office deposits raised to ₹40,000.

*Exemption on levy of income tax on notional rent on a second self-occupied house is also now proposed. Currently, income tax on notional rent is payable if one has more than one self-occupied house..

Click on this link to calculate your income tax.

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