Budget 2019: Standard deduction increased to Rs 50,000 from Rs 40,000

Finance Minister Piyush Goyal, in the interim budget 2019 proposes to hike the standard deduction limit to Rs 50,000 from Rs 40,000, currently. This move will bring more tax savings for the salaried class. Prior to the Budget, there were rumours that the Narendra Modi government was looking at options to give income tax benefits to the middle class. (Text: ET Online)