Indian It for the salaried class what are all the exemption limits available on various heads.?



Pl. explain in detail with suggesting details of investment can be made

Indian It for the salaried class what are all the exemption limits available on various heads.?
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4 Replies to “Indian It for the salaried class what are all the exemption limits available on various heads.?”

  1. Rs 1,00,000 under Section 80C for savings done through LI premia, PPF and EPF.
    Rs. 15,000 under Section 80D for health insurance cover taken.
    Donations to certain funds are 100% exempt and for the others 50% are exempt under 80G.

    Save every year Rs. 70,000 in PPF.
    Save another Rs. 20,000 in Infrastructure Bonds notified under Section 80CCF.

    Other things call for expenditure on your part. You part with the money once and for all.


  2. Rs 160000 for men , Rs 190000 for ladies, RS 240000 FOR SENIOR CITIZEN ,IF U HAVE EARNED the amount below this , no need to fill income tax return, if above you can save Rs 100000 under section 80c in NSc,senior citizen saving scheme, FD for 5 yr in bank, mutual fund tax saver scheme, LIC schemes. rs 20000 in infustructure bond , ra 15000 in parent insurance



  3. 1.6 lakhs for men …… NIL

    Section 80C …. Investments up to Rs 1 lakh deductible from gross income

    Invest in a combination of PF ( deducted by employer) / PPF / ELSS ( mutual fund) / TERM INSURANCE

    Section 80CCF Rs 20,000 in INFRA BONDS is deductible from this year.

    Section 80D … Mediclaim Policy for self & family Rs 15000 is deductible
    If you have dependent parents extra Rs 15000 is deductible if you pay their premium.
    If one of them is a senior citizen , deduction is up to Rs 20,000
    Maximum = 15000 + 20,000 = 35000 is deductible under this section

    Housing loan …. Interest up to Rs 1.5 lakhs per year is deductible on interest paid. for self occupied .
    Principal repaid is eligible for deduction under 80C





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