How impactful has the Interim Budget 2019 been on your income and investments?

| February 2, 2019

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Everyone had huge expectations from the Interim Union Budget 2019, especially because there hasn’t been any change in the last year in the slab. Let us analyse what are the new changes and how the new budget will impact us. The health and education cess = 3% of the Income Tax in the year 2016-17. The health and education cess = 3% of the Income Tax in the year 2017-18 and 4% in the year 2018-19. The health and education cess = 4% of the Income Tax in the year 2016-17. P.S: For taxable income more than INR 5 lakhs, after the deductions for 80C, 80D, Home Loan, Donations, etc. there is NO change in the tax slab. This budget has given a tax “rebate” to people with annual income of INR 5 lakhs or less and has not increased the exemption slab for all. So, for people with higher income, the tax slab remains unchanged. Some of the other major changes can be listed as: Savings and Health: 1) Standard Deduction re-introduced of Rs 40,000 p.a. and replaced Rs 19,200 of allowance and Rs 18,000 of medical reimbursement now increased to Rs 50,000 p.a.

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COUNTRY Financial

At COUNTRY Financial® we believe even the biggest goals start with simple steps. Our mission is as wholesome and honest as the farm soil our business was founded on back in 1925: Help others protect what they have today and prepare for tomorrow.

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