Here are a few changes that will have some impact on your personal taxation going forward.

1. Marginal Increase in Tax Exemption
2. Higher Deduction under Section 80DD
3. Expanded Scope of Section 80E
4. Elimination of Surcharge
5. Abolishment of Fringe Benefit Tax (FBT)
6. Increase in Wealth Tax Exemption
7. Automation of Tax Filing Procedure

Marginal Increase in Tax Exemption: While personal income tax exemption limit has been raised for senior citizens by Rs. 15,000 and for others by Rs. 10,000.

Higher Deduction under Section 80DD: From Rs 75,000, the annual deduction in respect of maintenance has been raised to Rs. 1 lakh. It includes medical treatment for a dependent with severe disability.

Expanded Scope of Section 80E: Annual deduction for interest on loans taken for higher studies has been expanded from the current list of restricted courses to all other fields including vocational studies which can be pursued after schooling.

Elimination of Surcharge: There has been a huge respite for high income earners. Those earning above 10 lakh annually will no longer have to pay the 10% surcharge.

Abolishment of Fringe Benefit Tax (FBT): FBT on the value of fringe benefits provided by employers to employees has been abolished. Reimbursements will be taxed as perquisites at the marginal tax rate. This might increase the tax burden on employees.

Increase in Wealth Tax Exemption: For wealth tax the exemption limit has been increased to Rs 30 lakh from 15 lakh.

Automation of Tax Filing Procedure: In the near future the tax filing process will be simplified even further, with the prospect of quicker refunds.