How Much Money This Budget 2019 Can Help You Save?
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

How Much Money This Budget 2019 Can Help You Save

How Much Money This Budget 2019 Can Help You Save
  • 1st Oct 2019 |
  • 2,814

Budget 2019 has brought great relief for the taxpayers whose annual income is between INR 3.5 lakh to INR 5 lakh. Not too much has changed in terms of tax paying slabs for anyone who does not fall under this range. If your annual income is in the range of INR 3.5 lakh to INR 5 lakh, you do not have any tax liability.

The Budget comes with some other declarations, which can help you save money. Here are some of the most significant ones:

Change in the standard deduction

The changes in tax rules begin with the modification of the standard income tax deductions on salary for taxpayers. The amount has been increased to INR 50,000 from the previous amount of INR 40,000. The changes in tax rates can help you save money depending on your tax slab.

Tax slab Amount saved
Below INR 5 lakh INR 520
Between INR 5 lakh to 10 lakh INR 2,080
Between INR 10 lakh to 50 lakh INR 3,120
Between INR 50 lakh to INR 1 crore INR 3,432

Tax for those with two houses

The new rule with changes in the tax for a second house brings good news for those who own two houses. If one of your houses remains unused, you previously had to pay tax on the locked house’s assumed rent. This rule is abolished in Budget 2019. For example, if you have an unused house with a presumed rent of INR 25,000 per month and you fall under the 30% tax slab then the new income tax deductions will help you save INR 93,600 on taxes.

Capital gains from the sale of residential property

From now on, you will also receive an exemption from capital gains tax on the sale of residential property as mentioned in the recent Budget. Previously, you had to buy another property within a year to save taxes on the capital gain from selling a house. Now, you can split this investment by buying two houses within two years.

Changes in TDS norms

The tax rates 2019 also bring significant changes in Tax Deducted at Source (TDS) norms. Earlier, the TDS applicable on interest earned from bank and post office had a deduction
limit of INR 10,000. It has been increased to INR 40,000 this year. The TDS limit on house rent was INR 1.8 lakh. The new limit is INR 2.4 lakh, which is a significant increase.

The latest Budget makes it simpler for you to not only save on taxes but also enjoy more ease in terms of filing income tax returns. You surely will benefit from these amendments.

Invest in Term Insurance Now to Save Tax

Read Here for More Related Articles:

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

Browse our library of resources

Download Brochure

Features

  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

What is Section 10D of the Income Tax Act?

What is the TDS Rate on Salary?

How to file Form 16 online?

How To Save Tax Better with 80C

5 Unusual Investments You Didn't Know for Saving Taxes in India

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

What is the Percentage of Tax Deducted at Source (TDS)?

How to Check Income Tax Refund Status Online in India

What is a savings plan?

What is TDS Refund Process?

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

आयकर स्लैब 2021-2022

5 Popular Tax-Saving Schemes in India

Challan 280 - How to Use Challan 280 to Pay Income Tax

8 Things to Help You Select a Savings Investment plan

How to File Income Tax Return - Everything You Need to Know

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

How to Calculate returns on an assured savings plan?

How to File Form 10E for Tax Relief on Salary Arrears?

What is Section 80CCC of the Income Tax Act 1961

TDS Due Dates of FY 2020-21 For Return Filing

Tax Benefits for Startups in India

What Investment Options Come with Tax Incentives?

Understanding Tax Exemptions in ULIP (Old and New)

How to e-Verify your Income Tax Return

9 Income Tax Myths That Could Cost You Money while Filing returns

How To Save Tax Using Life Insurance?

ITR 2 Form – Complete Guide

How to File TDS Return?

Budget 2019: Impact on the Common Man in India

Interest Imposed Under Sections 234A, 234B and 234C

How can I get Form 16B from traces?

धारा 80सी आयकर अधिनियम, 1961

What is TDS Slab?

What are Deferred Savings Plans?

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

Tax Structure in India

All You Need to Know About Section 80C

Pradhan Mantri Suraksha Bima Yojana

Tax-Savings Investments and Options in India

धारा 80डी आयकर अधिनियम, 1961

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

Guaranteed Return Plans-Why is it a must for you?

Top 8 Tax-Saving Methods in India- Budget Planning

What To Do If Your TDS Is Not Deposited With The Government?

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

Income Tax Filing For NRI in India

Guide for Tax Calculation on your Salary

Union Budget Highlights – 1st February 2022

How to Check Income Tax Refund Status Online in India

Tax Saving Options other than Section 80C

Investing Lump Sum Amount

What is Form 26AS - All You Need To Know

Tax Season Is Coming- Know How to Save Tax

Things to Do After Filing Income Tax Returns

How to Get Form 16?

Income Tax Benefits for Doctors

Tax Benefits of ULIP Plans Available for NRIs

Tax Planning and Tax Benefits of Life Insurance

भारत में महिलाओं के लिए सरकारी योजना

Income Tax Deduction Under Section 80CCC In India

Income Tax Deductions Under Section 80C

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

What is the Maximum Maturity Benefit in Assured Savings Plans?

Saving Income tax in 2017 - 18

Save Income Tax by 31st March: Here Is a Checklist

What is Form 16A?

Section 80G of the Income Tax Act

Presumptive Taxation for Business and Profession

Why January Is an Important Month for Saving Tax?

How to File Income Tax Return without Form 16

Difference Between Guaranteed and Assured Returns

Penalty For Late Filing TDS Return

Income Tax Filing Using Multiple Form 16

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

How to View 26AS and Download Form 26AS Online

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

How to save tax for salaried person?

How to Download Form 16?

How to File ITR Online

Excess TDS Deduction – Claim TDS Refund

How to View 26AS and Download Form 26AS Online?

Types of Riders in Insurance Policy

How to File Income Tax Return for First Time Tax Payers

What is Tax Deduction at Source (TDS)?

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

When Should TDS be Deducted and Who is Liable to Deduct it?

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Have You Considered Term Insurance a Part of Your Tax Planning?

Impact of GST on Life Insurance in India

Do Beneficiaries Pay Taxes on Life Insurance?

What is the Difference Direct Tax and Indirect Tax

What is Section 80C Deduction Limit?

Who Should Invest In Savings Plan

All about TDS on Salary under Section 192 – Kotak Life

What are Direct Taxes? How to Avoid being Overtaxed?

Sub-sections Under Section 80C of the Income Tax Act, 1961

What is ITR 5 Form and How to File ITR 5?

Should one prefer a guaranteed savings plan over monthly income schemes?

How to Save Tax on Salary Arrears?

What is ITR & How to File Income Tax Return?

How to File Form 16 for Salaried Employees?

E-Filing of Income Tax Returns in India

What are the Different Types of Taxes in India?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Tax-Free Income in India

Income Tax Exemption for Disabled

Insurance and Endowment: Everything You Need to Know!

Section 16 of the Income Tax Act (ITA), 1961

Financial Planning and Best investment options for Housewives

Why Tax Planning Should Be an All-year Round Activity

Section 80C Deductions as per Income Tax Act, 1961

Why is Form 16 Important?

Financial Benefits and Government Schemes Every Woman in India Should Know

Section 80E: Tax Exemption on Interest on Education Loan

How to Save Income Tax with Insurance

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

Are Financial Planning and Tax Planning the Same Thing?

Income Tax Exemption for Physically Handicapped Dependent

Home Investment Plan to Buy Dream Home

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

Can You Get Term Insurance Without Income Proof?

A Complete Guide for Filing ITR 3 Form

Tax Saving for Self Employed in India

Tax Saving Options for Salaried Employees

Tax Exemption and Scope of Coverage

What is Section 80C - Explained in Detail

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

What is Section 80C Deduction?

What is Salary Protection Insurance and Why You Need It

How to e file ITR on Income Tax Government Portal

Problems People Face with Tax Returns after a Job Change

ITR 1: Sahaj Form

What is TDS Exemption Limit?

Tips to plan your savings in 2019

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

Tax Saving Tips: Best Ways to Save Income Tax for 2021

A Comprehensive Guide to Understand the ITR 7 Form

All about TDS Payment Online & Due Dates

Section 44AD of Income Tax Act for AY 2021-22

Income Tax Deductions for Disabled Person Under Section 80U

What is Form 16B?

Tax Deductions You MUST Know

Tax Benefit of Investing in Term Plan

ITR-6: Guide to filing ITR-6 Form online

How to Pay Advance Tax Online in India

Tax Saving Guide for 2019-20

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

Difference between Section 80C, 80CCC, 80CCD & 80D

Types of Income Tax Return (ITR) Forms

What is the Difference between Form 16 and Form 16A?

List of Important Income Tax FAQs

How to Check Income Tax Returns Status Onine?

What Is Advance Tax and How Is It Calculated?

इनकम टैक्स रिटर्न कैसे फाइल करें?