To start of with the expectation of changes from the budget is the non-corporate sector. The biggest change will be the raise of par for eligibility for paying tax that is lifted to 2 lakhs per annum. Also the taxation on the super rich will still abide at the usual rate. There will also be a tax rate of 10 percent for individuals earning upto 10 lakhs.

Interests for home loans on self-occupied property from 1.5 lakhs to 3 lakhs will help revival in the real estate business since there is a higher deduction rate. Insurances on medical care are likely to be raised since the cost of medical care has increased.

There will be higher limit for house rent exemption as there will be no leakages in deduction since the PAN of the landlords is to be provided without fail. Senior citizens can be relived as the threshold will be raised for tax since they are not spared from TDS and it takes a long time to wait for refund or submit the 15G form for exemption.

Rationalized limits for tax free allowances in education, minor child’s income and in transport may see a hike as the exemption limits were set decades ago. This will be reform in order to check the rise of inflation.

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