As a tax payer you’ve gained a bit this budget. If you are under 60 years of age, the first Rs.2.5 lakh of income is now tax exempt. If between 60 and 80, Rs.3 lakh is tax exempt and for those over 80, your first Rs.5 lakh continues to be tax exempt. The surcharge on the Rs.1 crore-plus income earners remains as do the tax slabs, cess and surcharge. The section 80C limit is now up by Rs.50,000 to Rs.1.5 lakh, and you can now invest up to Rs.1.5 lakh a year in Public Provident Fund (PPF), up from Rs.1 lakh. Your home loans just got sweeter with another Rs.50,000 deduction allowed on the interest, which takes the deductible amount to Rs.2 lakh. If you earn more than Rs.10 lakh a year, you are richer by just over Rs.35,000 a year due to these changes.