Budget 2019 will be the interim budget presented for the 6th consecutive time by Union Finance Minister Arun Jaitley just before the Lok Sabha elections. Subsequently, after the general elections the newly elected government will table the full budget. In some of the recent interim budgets, the outgoing central government did not announce major changes. Nonetheless, as per reports, BJP led NDA that is facing the litmus test in the form of Lok Sabha elections 2019 may well go against the tradition and consider a change in income tax rates structure in order to gain common man's vote.
Also in the previous Union Budget 2018, FM Arun Jaitley did not alter the exemption limit plus the income tax rates in the income tax slab. However, he introduced some of the changes including a cess on personal income tax which impacted the income tax rates.
Current income tax slab rate:
|Income range||Tax rate for individuals aged less than 60 yrs||Tax rate for senior citizens (Aged over 60 years)||Tax rate for super senior citizens (Aged over 80 years)|
|Up to Rs. 2.5 Lakh per annum||Nil||Nil||Nil|
|Rs. 2.5 lakh to Rs. 3 lakh pa||5%||Nil||Nil|
|Rs. 3 lakh to Rs. 5 lakh pa||5%||5%||Nil|
|Rs. 5 lakh to Rs. 10 lakh pa||20%||20%||20%|
|Income above Rs. 10 lakh pa||30%||30%||30%|