What does Arun Jaitley's budget mean for tax payer?

Arun Jaitley's union budget for 2016-17 has brought some cheer to the tax payers, but has largely left the IT slabs as they are. He paid tribute the to the contribution of the tax payers. Here are some of the benefits to the tax payers:

* 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