New Delhi, Feb. 12 -- Finance Minister Piyush Goyal on Tuesday said in the Lok Sabha that the proposal to increase rebate for taxpayers up to Rs 5 Lakh has been welcomed across India as it gives lower tax, higher cash in the hands of small taxpayers which will also give a fillip to the economy.
Participating in the Finance Bill discussion in the Lok Sabha, Goyal said: "The NDA government allowed standard deduction of Rs 40,000 a year which is now hiked To Rs 50,000 per annum".
"In the last five years, the government has brought about a number of major changes in the income tax concessions and deductions available to all the taxpayers. In one way or the other, we have addressed every section of society," Goyal said.
Highlighting the chang...