According to Ramaiah Manjunath of Amicorp India Private Ltd, a Bangalore-based financial service MNC, the increase in tax exemption limit is something to cheer about.

"But, if we take into account inflation and the spurt in cost of living, we need a higher exemption limit," said Manjunath. Working women also find themselves at the receiving end.

"We have to pay more for home and personal care products like soaps, detergents, sanitary napkins among a host of others. Hence, we should have been given relief in income tax,” said Neethu T K, working with an IT company.