- There will be no tax for income upto Rs. 2.5 lakh.
- For senior citizens, there will be no tax for an annual income of 3 lakh.
- There is no change in tax rate.
- The investment cap under 80C raised to 1.5 lakh per annum.
- Annual ceiling for PPF account raised to 1.5 lakh per annum.
- Tax exemption on home loan raised from 1.5 lakh to 2.0 lakh.
To Calculate your income tax for Assessment year – 2015-16 – Click here