The Union Budget for 2015-16 was presented to the parliament and the nation by Finance Minister Arun Jaitley on February 28. While generally the economists, industrialists and experts are commending its succinct and clear approach towards fiscal policy and orientation towards growth, we bring to you ten things the aam aadmi needs to watch out for in 2015-16.

1. Tax rates unchanged; wealth tax abolished

The income tax rates have been kept unchanged to display the picture of a stable taxation regime. However, service tax and education cess have been increased from 12.36% to about 14%.

Also, though the wealth tax has been abolished, the super-rich, including individuals, firms and cooperative societies etc. with income of more than Rs.1 crore have to cough up an additional 2% surcharge.

2. New tax exemptions let you save more

The highlight in this area has been an increase in transportation allowance for the salaried from Rs. 800 to Rs. 1600 per month. And health insurance premium reduction has been increased from Rs. 15,000 to Rs. 25,000.

So essentially from your income, the given amounts can be deducted = less amount to tax = less tax to pay.

Various higher exemptions have also been granted to senior citizens and the disabled. Under the latest budget, an individual can achieve a total exemption of up to Rs. 4,44,200.