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People with income upto Rs 9.5 lakh to gain from tax rebate: Piyush Goyal

Highlighting tax relief to the middle class, Finance Minister Piyush Goyal has said that now individuals earning up to Rs 9.5 lakh can escape liability by taking advantage of saving schemes. He also said that the proposal to raise standard deduction from Rs 40,000 to Rs 50,000 and hiking Tax Deducted at Source (TDS) limit on interest income from Rs 10,000 to Rs 40,000 will provide relief to senior citizens.

The Minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy.  The Finance Bill, which contains tax proposals, was passed by the Lok Sabha with voice vote, completing the budgetary process in the lower house. He mentioned  'the concessions proposed in the Finance Bill are aimed at helping poor and middle class people living on tight budget...This is interim budget. We have not brought any tax proposal...we will bring them in July.'

Besides, he noted that the government during the last four- and-a-half years tried to benefit every section of society and tax payers. Accordingly, the tax base in the country increased, the tax collection had doubled in the last five years and India has become the fastest growing major economy in the world. He also said higher collections enabled the government to earmark more resources for the socially and economically deprived sections of the society.

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