What is tax exemption?
Tax exemption allows individuals and corporations (taxpayers) to apply for deductions or reductions of taxes on compulsory periodic payments. Companies offering tax planning in India help ensure that your income and transactions are free from taxes at the central and state level. Only a particular section of the population meets the eligibility criteria and can apply for tax exemption with the help of tax planning services. For instance, the current income tax exemption limit for individuals, HUF below 60 years, and NRIs – is up to Rs. 2,50,000.