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During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim exemption for up to Rs.4,44,200 from his income.

Here is how you get there:

Current exemption                                             -       Rs.2.50 lakh

Exemption under tax saving schemes               -        Rs.1.50 lakh

Exemption with new transportation                  -        Rs.19,200 per year
 allowance of Rs.1,600 per month

New deductible health insurance premium       -        Rs.25,000

Total                                                                  -        Rs.4,44,200

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