Budget will directly impact pockets of middle class Indians as standard deductions are hiked from ₹50,000 to ₹75,000. Deductions on family pension for pensioners are hiked to ₹25,000 from ₹15,000. TDS on life insurance payouts is cut from 5% to 2%. Long-term and short-term capital gains tax on equity investments are hiked. Exemption limit for long-term capital gains is increased.