India 2019/20 Interim Budget Proposals Presented

On 1 February 2019, India's Finance Ministry presented the 2019/20 interim budget proposals in parliament. the proposed measures are mainly in relation to individual income tax and include:

• The standard individual income tax deduction is increased from INR 40,000 to INR 50,000;
• The individual tax rebate is increased to INR 12,500 for individuals with taxable income up to INR 500,000, up from an INR 2,500 rebate for individuals with taxable income up to INR 350,000 (rebate may not exceed tax …