In his maiden budget, presented to the parliament, on Thursday, Finance Minister Arun Jaitley has assured to bring smiles to the taxpayers.
Despite his claims of not creating creating a populist budget, he has proposed some relief to taxpayers and some sectors of the economy
Here are some key tax changes proposed in the Budget:
- Tax exemption limit for individual tax payers changed from Rs. 2 to Rs 2.5 lakhs
- Proposes to increase personal income tax exemption limit for senior citizens from Rs 2.5 lakh to Rs 3 lakh
- Propose to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakhs
- No changes in tax rate, surcharge
- Housing loan rebate has been hiked from 1.5 lakh to 2 lakhs
Apart from that he also proposed setting up of 60 more Ayakar Sewa Kendras across the country. "The Income Tax Dept is expected to function not only as an enforcement dept but also as a facilitator," he said.