Savings for Tax exemption ..

hello,

You have a question which has a VAGUE and vast answer.

the matter of savings comes into picture only when you find youself in the taxable slab.

income under 1.6 lac from alll sources is NON taxable.

hence please clear me with the details to help you as there are lot of options to save taxes.

CHEERS!

the basic exemption limit for every individual ( male ) 160000/-, (female ) 190000/-

so salaried employee also have a same exemption limit as per above said

the salaried get exemption from HRA u/s. 10(13)

least of the following amount exempted from HRA :

1. Actual HRA received         or

2. 50% of salary ( basic + DA )in case of accommodation situated at Culcutta, bombay, delhi, madras

    40% of salary ( basic + DA ) in case of other places

3. Rent paid in excess of 10% of salary ( i.e, ur paying salary more than 10% of ur salary )

 savings under chapter viA deductions :

is same limit to all i.e, 1,00,000/- for investments and infrastructure bonds 20,000/-

Thanks sawpna and Sambhav for your time .

Much appreciated .

agree with above experts and nice explanation