Just a day before when the government will place the Union Budget 2018-2019, industries, businessmen, common people and entrepreneurs are keeping their fingers crossed and discussing with what surprises the PM Modi-led government will present the budget. For a democratic country like India, the budget is an important development every year as its only after this, companies decide their annual policies and set their year goals. For common people, one of the most important aspects of the union budget is the distribution of income tax and how well the government is planning to give rebates to the common people. 

Saving tax is everybody’s concern, especially for the people who are salaried and have less space or options to save their tax, therefore, its the common people who expect tax rebates from the government in the Union Budget. In the past couple of budget, the government has raised the benchmark to set the lower limit in relation to peoples’ annual income. By doing so, many people who earlier used to fall into the bracket of income tax had got a big relief. However, people expectations from the government this year are no less as once again millions of them would be eyeing what the finance ministry has it for them this time. While people await Union Budget 2018-2019, here’s a look at the budget over the years in terms of tax, income taxpayers.  

Budget over the years

2009-2010

Male taxpayers: Rs. 1.6 lakh

Female taxpayers: Rs. 1.9 lakh

Senior citizens: Rs. 2.4 lakh

10% surcharge removed

2010-2011

Tax slabs changed

10% deductable upto Rs 5 lakh

20% deductable upto Rs 8 lakh

30% deductable over Rs 8 lakh

2011-2012

Exemption limit raised

Male taxpayers: Rs. 1.8 lakh

Female taxpayers: Rs. 1.9 lakh

Senior citizens: Rs. 2.5 lakh

2013-2014

Tax rebate of Rs 2,000 for income upto Rs 5 lakh

10% surcharge levied on income above Rs 1 crore

2014-2015

Exemption limit raised

General: Rs 2.5 lakh

Senior citizen: Rs 3 lakh

Very senior citizen: Rs 5 lakh

2015-2016

Surcharge on income above Rs 1 crore hiked to 12%

Wealth tax removed

Medical deduction hiked to Rs 25,000

2016-2017

Surcharge on income above Rs 1 crore hiked to 15%

Tax rebate of Rs 5,000 for income upto Rs 5 lakh

2017-2018

10% surcharge on income above Rs 50 lakh

Home loan deduction capped at Rs 2 lakh

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