All You Need To Know About "Interchangeability Of PAN And Aadhaar"

Tax experts say the announcements will strengthen taxpayers’ base

India's first full-time woman Finance Minister Nirmala Sitharaman presented the Budget for financial year 2019-20 on July 5. This marked the first Budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government after its return to power in a landslide victory in May 2019.

The Union Budget for financial year 2019-20 comes a day after the Ministry of Finance released the Economic Survey report for the financial year ended March 31, 2019, which pegs India’s GDP growth at 7 per cent in 2019-20. Chief Economic Advisor Krishnamurthy Subramanian, the main author of the report, has said that India needs to shift gears to sustain a real economic growth rate of 8 per cent in order to achieve Prime Minister Narendra Modi's goal of making the country a $5-trillion economy by 2024.

The Union Budget for financial year 2019-20 follows an interim Budget in February, in which the government introduced a Rs75,000-crore income guarantee scheme for small farmers, and increased the income threshold for rebate under Section 87A of the Income Tax act to Rs. 5 lakh, among other major announcements.

Use the income tax calculator to find out your estimated income tax liability. The tax calculator takes into account factors such as standard deduction, house rent allowance (HRA) exemption, health and education cess, surcharge, and the premium paid against mediclaim policy for self, spouse, children and parents for calculation of estimated income tax liability.

Besides, repayment of home/education loan and any overall deductions applicable under Section 80C of the Income Tax Act are also taken into account in the income tax calculator.

From the 2017 Union Budget, India saw a shift in the date of Budget presentation in Parliament to February 1, as against the last working day of February previously.