what is the exemption limit for current financail year (2007-2008) ? is it
1 lakh or 1.1L ?
what is the max limit for donating money to trusts/NGOs to avail deduction benefit ?
thanks
josh
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tax exemption limit
Replies (4)
Tax exemption limit in F.Y.2007-08 is 1,10,000.
Tax Exemption Limit for F.Y. 2007 - 08 is:
For Individual Rs. 1.1 Lacs
For Woman Rs. 1.45 Lacs
For Senior Citizen Rs. 1.85 Lacs
For Benefit of Sec 80 G i.e. Donation it is to be determined in accordance with Gross Total Income* 10% or 50% or 100% of Donation depending upon the Exemption granted to the TRUST.
Exemption limit for A.Y 2008-09 is:
Rs.1,10,000.00 for individuals, HUF's,AOP,BOI
Rs.1,45,000.00 for resident women assessees
Rs.1,95,000.00 for senior citizens(People who have attained the age of 65 during any time of the previous year).
Rs.1,10,000.00 for individuals, HUF's,AOP,BOI
Rs.1,45,000.00 for resident women assessees
Rs.1,95,000.00 for senior citizens(People who have attained the age of 65 during any time of the previous year).
110000 for individual.Different for female/Sr citizen
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