Key Highlights from Finance Minister Piyush Goyal's Interim Budget 2019-20

Taxes changes:

-No income tax for income up to Rs 6.5 lakh (Rs 5 lakh + Rs 1.5 lakh under 80C of the Income Tax Act),
- Full tax rebate for income up to Rs 5 lakh per annum,
- No tax on notional rent on second self-occupied house,
- Capital Gains exemption under Section 54 to be available on two house properties,
- Tax benefit of Rs 18,500 crore given to three crore middle-class taxpayers,
- Standard deduction raised to Rs 50,000 from Rs 40,000,
- TDS limit hiked from Rs 10,000 to Rs 40,000 on post-office savings,
- Group of Ministers looking at ways to ease GST burden on homebuyers.

The tax changes highlighted in Finance Minister Piyush Goyal's Interim Budget 2019-20 aim to provide relief and benefits to various segments of the population. Here are the key points regarding tax changes:

- Individuals with income up to Rs 6.5 lakh (Rs 5 lakh + Rs 1.5 lakh under 80C) are exempt from income tax.
- Full tax rebate is available for individuals with income up to Rs 5 lakh per annum.
- Notional rent on the second self-occupied house is not taxable.
- Capital gains exemption under Section 54 applies to two house properties.
- Middle-class taxpayers benefit from a tax relief of Rs 18,500 crore.
- Standard deduction has been raised to Rs 50,000 from Rs 40,000.
- The TDS limit on post-office savings has been increased from Rs 10,000 to Rs 40,000.
- A group of Ministers is exploring ways to alleviate the GST burden on homebuyers.

These changes aim to improve the financial well-being of individuals, provide incentives for savings, and address specific issues within the taxation system. It's important for individuals and businesses to stay informed about these updates to effectively manage their finances.