Before Nirmala Sitharaman presents her first budget on July 5, here is a summary on how Jaitley's budgets changed your income tax burden during the four financial years. For senior citizens, the exemption limit was increased from ₹2.5 lakh to ₹3 lakh. The budget also imposed 10% income tax on dividends in excess of ₹10 lakh annually. 2017: Arun Jaitley reduced the tax rate from 10% to 5% in the ₹2.5 lakh - ₹5 lakh bracket, thus leading to a reduction of ₹12,500 in income tax outgo. This increase of ₹10,000 in standard deduction resulted in tax savings of ₹3,000 for individuals in the 30% tax bracket (excluding surcharge and cess).

Source: Mint July 03, 2019 08:33 UTC