There was no change in tax slabs or minimum taxable limit for individual tax payers in the Modi government's first full year union budget for 2015. However, it increased exemption limits on health insurance premium and transport allowance.
Finance Minister Arun Jaitley said the health insurance premium deduction would be raised to Rs 25,000 from Rs 15,000. For senior citizens the deduction would be Rs 30,000.
Meanwhile, the transport allowance exemption hike to Rs 1,600 per month from Rs. 800 per month.
The Finance Minister said individual tax payer would be benefited by over Rs 4 lakh, however the finer print needs to be seen for the details.
