Presenting the budget, for 2014-15, Finance Minister, Arun Jaitley announced amidst thumping of desk by members of the treasury benches an increase in the Income tax limit by 50,000 rupees to take it to 2.5 lakhs for individual tax payers who are below 60 years. He proposed a similar hike for senior citizens to take the exemption limit for them to 3 lakhs. However, he did not propose any change in surcharge rates for corporates, individuals and others. The three percent Education cess for all tax payers will continue. To boost domestic savings, the budget proposes to increase the investment limit under section 80C of the Income Tax Act from one lakh rupees to 1.5 lakh. To reduce the burden on investment in housing, the deduction limit on interest on loan for self occupied house property has been increased to 2 lakh rupees from 1.5 lakh.