Interim Finance Minister Piyush Goyal, in his Budget speech on Friday, said that individual taxpayers with taxable annual income up to Rs5 lakh will get a full tax exemption.
This is in addition to the Rs1.5 lakh exemption allowed under Section 80C of the IT Act. Standard deduction has also been raised to Rs50,000 from Rs40,000 at present, while that tax limit on post office deposits was raised from Rs10,000 to Rs40,000.
Meanwhile, equity benchmark indices held on to their gains with the Nifty trading above its key level of 10,950, while the Sensex spurted 445 points to cross the 36,701. The market breadth was positive on the NSE with 1,004 shares advancing, 661 shares declining, and 388 remaining unchanged.
Goyal further announced 10 dimensions of the 10-year vision. Accordingly, the government has aimed to become a $5tn economy in the next five years.
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