Budget 2016: No change in income tax slabs but relief for small tax payers

In the budget presented by Finance minister Arun Jaitley on Monday, there is no change in tax slabs, while some relief has been provided to small tax payers. Here are the highlights:

1. No change in income tax slabs in 2016-17 budget.

2. Relief of Rs 3000 per year to taxpayers with income below Rs 5 Lakh per year. One crore tax payers to benefit.

3. Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.

4. Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual come to be raised to Rs 5000 from Rs 2000 currently.