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Budget After Polls May Have Relief For Tax Payers Above Rs 5 Lakhs, Hints Goyal

HARSH RANJAN | 0
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| February 2 , 2019 , 17:07 IST

Finance minister Piyush Goyal on Friday said that there is no change in the tax rate and limits for other categories beyond Rs 5 lakh but the government may consider relief for them in the main Budget after polls.

He expressed hope that next government under the leadership of Prime Minister Narendra Modi will look into other tax proposals in the main Budget. "I had the constraint of this being an Interim Budget.

However, there were many things which could not have been waited for the final Budget, particularly relief for the small taxpayer which I have passed on. The rest is for the then finance minister for deciding in July 2019," he said.

Explaining the rationale for providing tax relief to the lower middle class with an annual income of Rs 5 lakh, Goyal said, "This neo-middle class required certainties about their future tax liabilities and save them from refund process, we have given benefit to this category".

He further said, the Income Tax Department now functions online. Returns, assessments, refunds and queries are all undertaken online. Last year, 99.54 per cent of the income-tax returns were accepted as they were filed."

The government has now approved a path-breaking, technology-intensive project to transform the income-tax department into a more assessee-friendly one, he said, adding that all returns will be processed in twenty-four hours and refunds will be issued simultaneously.

ALSO READ: Budget 2019: Huge Rebate To The Middle Class As Govt Announces No Tax For Income Up to Rs 5 Lakhs

"Within the next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through anonymised back office, manned by tax experts and officials, without any personal interface between taxpayers and tax officers," he said.

Talking about small farmers, Goyal said, "the only record available right now is based on the landholding for farmers across the country. This scheme will be for the farmer having a land holding of 5 acres".