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tax exemption limit

josh (IT) (256 Points)

14 March 2008

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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4 Replies

Darshu (CA) (1580 Points)
Replied 14 March 2008

Tax exemption limit in F.Y.2007-08 is 1,10,000.

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Atul Kumar (CA) (504 Points)
Replied 14 March 2008

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.

M.Sriram Shenoy (CA Final) (814 Points)
Replied 14 March 2008

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).