The income tax proposal benefit will benefit about 3 crore taxpayers, said Piyush Goyal

Union Minister Piyush Goyal on Friday proposed a full tax rebate for individuals with income up to Rs 5 lakh. The income tax proposal will benefit three crore taxpayers, Mr Goyal said while presenting the interim Budget for 2019-20 in Parliament. “Because of major tax reforms undertaken by us during the last four and half years, both tax collections as well as the tax base have shown significant increase and we have made progress towards achieving a moderate taxation–high compliance regime,” said Mr Goyal.

“It is, therefore, just and fair that some benefits from the tax reforms must also be passed on to the middle class taxpayers.” (Read full Budget speech here)

Here are key income tax announcements made by the government as part of Budget 2019: