Finance Minister, Piyush Goyal, announced that no income tax will have to be paid by individuals with an income upto Rs 5 lakhs in the FY 2019-20. Previously, in the Budget 2014, the Narendra Modi-led government had raised the tax exemption limit to Rs 2.5 lakhs from Rs 2 lakhs. Also, the standard deduction for the salaried class was increased from Rs 40,000 to Rs. 50,000. If individuals with a gross income of Rs 6.5 lakhs make investments in provident funds and other prescribed equities, will not have to pay any tax. The budget was much appreciated in the Lok Sabha and by the general public.
