Your new tax liability

The finance minister tinkered with the tax slabs marginally. The minimum age for being categorized as a senior citizen has been lowered to 60 years from 65 years currently and the tax exemption limit has been increased by Rs10,000 to Rs2.50 lakh. For men below 60 years of age, the exemption limit has been increased to Rs1.80 lakh from Rs1.60 lakh earlier. However, this limit for women under 60 years of age has been kept unchanged at Rs1.90 lakh. Also, a fourth category–very senior citizens for those aged above 80 years—has been created and exemption limit for them will be Rs5 lakh.