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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Budget has brought great relief. There are changes in income tax deduction on salary, changes in tax rates, tax for second house etc. Click here to know more.
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:
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.
capital gains tax
| 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 |
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.
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.
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
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Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
