The present exemption limit for the financial year 2012-2013 is `2,00,000 for every individual tax payer. In addition, for a woman tax payer also the exemption limit would be ` 2,00,000. Thus, for the financial year 2012-2013, DINKS would be able to enjoy a combined exemption limit of `4,00,000. In the past the tax exemption slabs were not so very attractive. They should also make investments in a residential house by taking a loan and thus save income tax up to the maximum extent (each of them). They should also plan a separate income tax file of HUF. |
