No tax for individual incomes up to Rs 5 lakh

In a bonanza for the country's middle class in an election year, the government on Friday proposed tax exemption for individual annual incomes of Rs 5 lakh.

Presenting the Interim Budget 2019-20, acting Finance Minister Piyush Goyal proposed doubling the standard deduction threshold for individual annual incomes from the current Rs 2.5 lakh to Rs 5 lakh.