The interim budget presented by current government was on expected lines, where they tried to give benefits to large segments of population keeping an eye on the upcoming general elections, while trying to maintain fiscal prudence. Government has tried to fulfill its long standing promise of relaxing income tax limits.
This will result in significant savings for income upto 9 lakh per annum. We have illustrated the savings in the tables below.
We strongly recommend you to plan a regular investment like SIP out of these savings to build a healthy corpus for your long term goals. It is very easy to spend the money but difficult to save and invest. But imagine if these tax relaxations were not announced. You would have still managed. So why not try to save and invest!
Besides, the budget also made important announcements that would benefit farmers and unorganized workers. Markets should take positive cues from the budget. However, elections outcome will continue to weigh on it and volatility is likely to remain till May 2019.
+ ₹ 22,000 (20% of 1,10,000)
= ₹ 34,500
+ ₹ 72,000 (20% of 3,60,000)
= ₹ 84,500
To know More about the Tax Saving funds, please visit the below-given link: