Union Budget 2019: The government has announced a slew of changes to income tax rules since 2014Finance Minister Arun Jaitley has announced a slew of changes in income tax rules in Union Budgets from 2014 to 2018.
With general election due by May this year, government will present an interim Budget on February 1.This year's Budget, last before general election due by May, will give government final chance to sway public perception.(Can you expect income tax changes in Budget Here's what experts say)Budget 2018Hike in cess to 4% from 3%Introduction of standard deduction of Rs 40,000 for salaried individualsFor senior citizens:Exemption of interest income on bank/post office deposits increased to Rs 50,000 from Rs 10,000Hike in deduction limit for health insurance premium/medical expenditure to Rs 50,000 from Rs 30,000 under section 80D of Income Tax ActBudget 2017Reduction in income tax rate on income of Rs 2.5 lakh-5 lakh to 5% from 10%Rebate under Section 87A lowered to Rs 2,500 from Rs 5,000; no rebate on income above Rs 3.5 lakhSurcharge of 10% on income of Rs 50 lakh-Rs 1 crorePenalty up to Rs 10,000 on failing to file returns on time (not more than Rs 1,000 on income up to Rs 5 lakh)Budget 2016Increase in surcharge to 15 per cent from 12 per cent on individuals with total income over Rs 1 croreTax rebate for individuals with income up to Rs 5 lakh raised by Rs 3,000Changes in conditions required for deduction for housing loan borrowersBudget 2015No change in income tax slabs, ratesWealth tax abolishedIntroduction of 2 per cent surcharge on people earning over Rs 1 croreBudget 2014Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh (Rs 3 lakh for senior citizens)Exemption limit for investment in financial instruments under Section 80C of Income Tax ActDeduction limit on interest on loan for self-occupied house raised to Rs 2 lakh, from Rs 1.5 lakh