– No change in personal income tax slabs and rates.
– Surcharge of 10% on income above Rs 50 lakh but less than Rs 1 cr, 15% on income above Rs 1 cr to continue.
– Standard Deduction returns after a decade; Rs 40,000 to be allowed in lieu of transport allowance and medical expenses.
– Interest income exemption on deposits with banks and post offices for senior citizens increased from Rs 10,000 to Rs 50,000.
– Senior citizens will be able to claim the benefit of the deduction up to Rs 50,000 annually on health insurance premium and/or general medical expenditure incurred.
– Govt introduces long-term capital gains on equity market; long-term capital gains over Rs 1 lakh to be taxed at 10%.
– Education cess increased to 4% from 3%.
– E-assessment of Income Tax Act to eliminate person-to-person contact.