No changes in personal income tax rates. Standard deduction of Rs.40,000 in lieu of transport and medical reimbursements for salaried tax payers. Exemption of interest income for deposits in banks and post offices (including TDS) will be increased from Rs.10,000 to Rs.50,000 for senior citizens. All senior citizens will now be able to claim benefit of a deduction of Rs.50,000 for medical insurance. For critical illnesses, the deduction has been increased to Rs.1,00,000. Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh. Senior citizens allowed Rs 50,000 deduction on health insurance premium paid in a year from earlier Rs 30,000. Education cess increased to 4% from 3%
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