Executive Summary

The topic of project is Exempt Income under Income Tax Act. The main purpose of project is to
understand about exempt income for salaried individual for to maintain their financial
conditions in income from salary.
The project will helpful for to understand the important of Exempt Income for to save the
money for further use or invest in other schemes of investment and make profit from that
money.
Study about minimize the tax amount from total tax that have to pay government its will be
minimized legally by tax rules without any cheating or Froude with government. But Tax
Exemptions have the authority to bring about social and economic changes within the society
followed by unprecedented consequences. However, for such exemptions on tax some
conditions are mandatory to follow.Study about exempt income will help Individual tax assesses
to understand the condition for exemptions and limitation for the exemption.
There are various India Tax exemptions provided by the Indian Income Tax Act. Each year, one
can save thousands of rupees in income tax through income tax exemptions.But every
Individual are not aware of this tax exemption in which they can save the tax. This project will
help this salaried individual assesses class to understand the various tax exemption provided by
the Income tax Act to save whatever extra rupee they can from their hard-earned monies.
For the study of project or getting the all information about project there have to make a
research on that project to get all correct information about that to make good project.
Research is Discriptive and Analytical in nature for get correct information about topic. There
are so ,many types for to make research like basic research, applied research, problem oriented
research, qulitatitive research, quantitative research. Tnese research method can be helpful for
to make a good research for get better information about topic.
 CONCLUSION

At the end of this study, we can say that Exempt income can provide relief from taxes, reduced
rates, or tax on only a portion of items.

But due to people not aware about exemption or how to calculate exemption, so they are not
getting proper benefits of it.

Tax exemption can help everyone to save extra from their earning.
SUGGESTIONS AND RECOMMENDATIONS

Must be aware of basic information such as concept of tax slabs, rates of income tax,
implications of any new tax law to be introduced.

Hire services of an expert.

Give your employer the details of everything related saving in advance. This will prevent any
additional deduction in the form of TDS.

Scrutinize Form 16 provided by your employer every year. See if there any discrepancies.

Begin your tax planning much before March 31. It’s not advisable to wait for last minute.