Though the budget has not been path breaking, given the limited room for manoeuvre, the measures around the re-alignment on personal tax rates (notwithstanding the removal of the exemptions), the removal of the dividend distribution tax and the tax exemptions for sovereign wealth funds for investments in infrastructure are some of the positive developments. However, providing an option to personal taxpayers to either opt for the old or new regime seems counterproductive and complicated given the government’s intent to simplify the overall governance structure.