Budget 2019: What FM Nirmala Sitharaman can do to remove the current flaws in Standard Deduction? – Financial Express

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  • By Taxmann
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  • Last Updated on 28 October, 2020
By CA Tarun Kumar, R&D, Taxmann.com
Union Budget 2019 India: Finance Minister Nirmala Sitharaman will present her first Union Budget on 5th July. The salaried class taxpayers have a lot of expectations from the first budget of Modi 2.0. Former Finance Minister Arun Jaitley, while presenting the Union Budget 2018, had mentioned that a substantial portion of personal income tax collections is contributed by the salaried class. He gave the statistics of the Financial Year 2016-17, wherein he mentioned that the average tax payment made by the salaried class is Rs 76,306 per individual salaried tax payer, while the average tax payment made by business class is Rs 25,753 per individual business tax payer.

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