The tax reformations presented in the Union Budget are as follows –

- The basic exemption limit has been increased to 2 lakh.

- 30 percent tax will set in only after reaching an amount of 10 lakh, as compared to the earlier limit of 8 lakh.

- Deductions made under Section 80CCF are being debated upon and no clear information has been given about it.

- The government is planning to raise 60,000 crore through tax-free infrastructure bonds. However, further clarification is required on this topic.

- Indian citizens will be taxed based upon their age and income and not gender.

- A tax exemption limit of 5,000 will be given for medical check-ups.

- Limit for business ventures to maintain books of accounts for an audit has been increased from 60 lakh to 1 crore.

- Businesspeople with an annual turnover of less than 1 crore can file their tax returns with the help of ITR (Income Tax Return Filing) - 4 or ITR - 4S.