Anandpadmanabhan P. V.

Finance Minister Arun Jaitley on Thursday increased the income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh for citizens up to 60 years. 

For senior citizens the limit was hiked to Rs 3 lakh. The tax rates were kept unchanged by Jaitley.

New tax slabs: Upto 2.5 lakh – NIL; Above 2.5-5 lakh – 10%; Rs 5-10 lakh – 20%; Above Rs 10 lakh – 30% ; SrCitizen: Above 60 (Upto 3lakh)/Above 80(Upto Rs 5 lakh)-NIL