Change in Income Tax Slab
Increase in the threshold limit from Rs. 2.50 lakh to Rs. 3 lakh for senior citizens and from Rs. 2 lakh to Rs. 2.50 lakh for others.
Investment Under Section 80C increased to 1.5 lakhs
Increase in the limit towards deduction under section 80C from Rs. 1 lakh to Rs. 1.50 lakh
Individuals and HUF can save now upto Rs 1.5 lakhs in PPF. This limit is increased from 1 lakhs
Interet on Housing Loan
Limit for deduction towards interest on housing loan for self-occupied property increased from Rs. 1.50 lakh to Rs. 2 lakh
The deduction towards interest paid towards home loan in respect of a self-occupied house property, has been increased to Rs. 2 lakh from Rs.1.5 lakh to ease the burden to the taxpayers.
Depending on individual tax slab this will reduce tax liablity from Rs 15,450 to Rs 36,050 pa
Enhancement of limit for deposits into PPF account from Rs. 1 lakh to Rs. 1.50 lakh