| Type of Assessee | Basic Exemption Limits |
| Domestic Company, Foreign Company, Firm, Local Authority and Co-operative Society | Nil |
| Resident Individual age below than 60 year, All Non Residence Individual, HUF, AOP, BOI, AJP | Rs.2,50,000 |
| Resident Individual age 60 years or more but below than 80 years | Rs.3,00,000 |
| Resident Individual age 80 years or more | Rs.5,00,000 |
If an individual invests in the specified tax saving schemes of the government, the effective tax-free income limit will be Rs 6.5 lakh a year, while it may go further up with additional avenues like NPS, medical insurance and home loan interest payment.