According to the interim budget announcements, if you have a taxable income of Rs. 5 lakh, you will gain the most as a full rebate of Rs.12,500 means you will pay no tax. However, you would still need to file your income tax returns as this is not an exemption.
Even for other taxpayers—individual, senior citizen or very senior citizen—with taxable income above Rs. 5 lakh, the tax outgo will reduce marginally in FY2019-20.
Here’s how much you stand to gain as compared to what you paid in taxes in FY2018-19