The Income Tax exemption has been increased by Rupees 50,000 by Finance Minister Arun Jaitley. So the total exemption will be now Rupees 2.50 Lakhs. While the margin for senior citizens has been increased to Rs 3 lakh and the tax benefit on long term savings was also hiked from one lakh to 1.5 lakh Rupees. Increase in interest on housing loan eligibility from Rs 1.5 lakh to Rs 2 lakh.
