will interim budget 2019 increase the taxexemption limit this is the question on many taxpayers minds if rumours are to be believed the interim budget could provide various tax benefits to the salaried middle classaccording to an et now report the narendra modi government may look to dole out income tax benefits in its last union budget before the 2019 general elections some of the options considered by interim finance minister piyush goyal are a hike in savings limit tax benefit for pensioners and more concessions on housing loans as per the et now report similarly according to an ians report the income tax exemption limit for the salaried class may be doubled from the current rs 25 lakh to rs 5 lakh in addition to that the interim budget may also bring back the medical reimbursement and transport allowance with its earlier tax status to provide relief for the salaried class according to the reporthere are the latest income tax slabs applicable to individuals below the age of 60 yearstaxable income slabsincome tax rates and cessup to rs 25 lakhnilrs 250001 to rs 5000005 of total income minus rs 250000 4 cessrs 500001 to rs 1000000rs 12500 20 of total income minus rs 500000 4 cessrs 1000001 and abovers 112500 30 of total income minus rs 1000000 4 cessalso read latest income tax slabsyou might also liketax benefits for salaried middle classes hike in savings limit in interim budget et nowwhat has happened in past budgetsin budget 2018 standard deduction of rs 40000 was introduced for salaried class in lieu of medical reimbursement which was tax exempt up to rs 15000 and transport allowance that was tax exempt up to rs 19200in budget 2017 the tax rate for income between rs 25 lakh and rs 5 lakh reduced from 10 percent to 5 percent a cut of 50 percent this led to the tax savings of rs 12500 for every class of taxpayersimilarly in budget 2015 the taxexempt limit on transport allowance was hiked to rs 1600 per month or rs 19200 annually the basic tax exemption limit was raised by rs 50000 from rs 2 lakh to rs 25 lakh in budget 2014 which was the first budget of narendra modi government along with that deduction limit under section 80c was also raised from rs 1 lakh to rs 15 lakh deduction on interest paid on home loan was also hiked by rs 50000 to rs 2 lakhyou might also like