WHAT BUDGET 2020 HAS FOR YOU
Given the state of the economy, where consumption levels are declining, it was widely anticipated that the government would come up with some path-breaking initiatives that would leave more disposable income in hands of taxpayers and drive up consumption. However, Budget 2020 has not brought any substantial tax benefit to individual taxpayers, though there are many proposals that can benefit them. Here is a look at the most important proposals that will have an effect on your personal finance.
Income tax slab unchanged – If your gross income is above ₹5 lakh and you have been using various exemptions and deductions like standard deduction, house rent allowance (HRA), leave travel allowance (LTA), home loan interest and principal, Section 80C investments and expenses, health insurance premium, National Pension System (NPS), and so on, to bring down your net taxable income substantially, the
