New Delhi, Feb 1 (KNN)

•         Income upto Rs 5,00,000 to be exempt from income tax, to boost consumer spending.
•         Standard deduction has also been raised to Rs 50,000 from Rs 40,000
•         So those with income up to Rs 5 lakh and another Rs 1.5 lakh in investments totalling Rs 6.5 lakh will have to pay no tax. Will benefit nearly Rs 3 crore middle class income earners.
•         Govt announces tax exemption for income up to Rs 5 lk/yr: FM
•         Individual tax payers with taxable annual income up to Rs 5 lakh will get full tax rebate
•         Some benefits must therefore also be passed on the middle class tax payers. Keeping this in view I propose to reduce the tax burden on tax payers. The salary earners, pensioners and senior citizens should not wait to get clarity on their taxes, he said.
•         Goyal thanks taxpayers for their contribution toward the well being of the society and providing basic amenities to the poor. "The tax you pay will provide healthcare to 50 crore brothers, sisters and children," he says.
•         TDS limit hiked from Rs 10,000 to Rs 40,000 on Post-Office savings.
•         FM raises standard deduction from Rs 40,000 to Rs 50,000.
•         All interest income above Rs 40,000 from bank deposits will now get taxed and not Rs 10,000
•         registered #MSME units to get 2% interest subvention on loan of 1 crore : FM Piyush Goyal