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Indian Budget for 2015-16 was today presented by Arun Jaitley. He announced a plunge of tax measures and personals savings schemes aimed at benefitting the taxpayer and common man.

While the tax exemption limits for various schemes were hiked, various method to monetize gold were also announced. The Finance Minister has prioritized defense, business, investment, educational institutions and cleanliness.

Few highlights of the budget which are concerned with the common man

1. Tax Exemption- For senior citizens the limit has been increased from Rs.20, 000 to Rs.30, 000. Health insurance premium limit enhanced by Rs. 15,000 to Rs.25, 000.
2. Transport allowance- For salaried person it has been increased from Rs.800 to Rs.1600
3. Employment Provident Fund- Arun Jaitley has simplified the EPF by providing two options for employees. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, for employees below a certain threshold of monthly income, contribution to EPF should be optional, without affecting or reducing the employer's contribution.
3. Tax rate remains unchanged- Jaitley in his Budget Speech, proposed no change in the rate of personal Income-tax

For full detail on Indian Budget, click here

-Smrutirekha