What do Arun Jatley's budget mean for tax payer?

* HRA deduction increased to Rs 60,000 per annum. Big hike in tax exemption for those living in rented homes. Deduction raised from ₹24,000 to ₹ 60,000 under Section 88G

* Salaried people up to Rs 5 lakh to get Rs 3,000 relief per year. 2 crore tax payers to benefit.

* To Extend Presumptive Tax Plan To All Professionals, Presumptive Income Of 8% For Turnover Of Rs. 2 Cr For MSMEs

* Turnover limit of Rs 2cr for SMEs

* To lower the corporate income tax rate of relatively small enterprises in the next financial year

* Pre- emtive income tax scheme to be extended to all professionals with income of Rs 50 lakh with presumption of 50 per cent profit

* Provident fund of 8.33 per cent for the new government employees for the first three years

* Service tax exemption for construction of affordable housing up to 60 sq. m. under state and central housing schemes

* I-T slabs remain unchanged