Re : tax saving limit for women - 2011 -12
Arati Gawde
(Querist) 21 August 2011
This query is : Resolved
1. What is the maximum saving limit to women form tax deduction for the period of financial year 2011 -12 (Is it 150000/- or 180000/-)?
2. And how much rebate will get on that?
sanjeev kumar goel
(Expert) 21 August 2011
dear arati first of all let me clear u that its not the saving limit its the basic exemption from the liability of income tax and it is Rs 190000/- for ladies in the financial year 2011-2012 and above that u can invest an amount of Rs 120000/- in various tax savings schemes such as LIC, PF, PPF, NSC, Housing loan repayment, Children school fee etc maximum upto Rs 100000/- n Rs 20000/- in infrastructure bonds specifically. thus if u invest Rs 120000/- in tax saving schemes and for mediclaim of Rs 15000/- u have no need to pay any income tax on a total amount of Rs 325000/- n above that u have to pay tax as per the tax rate slab.
Arati Gawde
(Querist) 21 August 2011
Thank U very much Mr.Sanjeev , it's definitely help not only me but other people also.
prabhakar singh
(Expert) 21 August 2011
rightly advised by Expert : sanjeev kumar goel
