The interim finance bill that was carried on 1st February 2019 has been modified into an act on Friday. The President of India has approved the finance bill and has made it as a law. This infers that amendments made in the reforms through the Finance Bill 2019, inclusive of tax alterations have become an act now. The bill suggested incrementing the standard deduction for remunerated employees who are earning INR 50,000 from earlier INR 40,000. Further, the bill suggested exempting tax liability to all bread earners who are earning up to INR 5 lakh, with effect from the onset of Financial 2019-2020.
Besides the tax concession, there are various other proposals as well which are as follows:
The information has been published in the Indian daily newspaper- Economic Times.