by now you must have figured out that the finance minister hasnt been very kind to you contrary to expectations he hasnt enhanced the tax slabs significantly or reduced the tax rates to help individuals cope with inflationary pressure in the economy all he has done is to increase the exemption limit for male taxpayers from rs 16 lakh to rs 18 lakh which will help them save a little over rs 2000 a year you have some reasons to celebrate if you are a senior citizen senior citizens over 80 should start planning their next holiday as they are in for huge tax savings strategy for men women assuming you are a male below 60 years of age and have an annual taxable income of more than 18 lakh you will end up saving rs 2060 a year in taxes which translates into a monthly saving of rs 171 a month buy term insurance plan with this saving this will provide financial support to your family in case of an unforeseen event says pankaj mathpal certified financial planner says vaibhav sankla director adroit tax services if an individual is planning to buy a house it is better to pay 10 tax and save the balance for the down payment of the house instead of locking in funds in a taxsaving instrument real estate prices have been increasing and banks are lending only 8085 of the property value which exerts pressure on the home buyer for a higher down payment similarly an existing borrower could repay a part of the home loan on account of higher interest rates he adds investors should add this amount to their insurance kitty in case they are not adequately covered or opt for an equity sip in line with their asset allocation says sumeet vaid founder ffreedom financial planners for women little has changed their minimum exemption limit stays put unlike their male counterparts however they too would do well to put financial prudence high on their agenda also from april 1 contribution from your employer towards the new pension scheme nps will not be included in the section 80 c deductions this means that you can invest more under the section increasing your overall deduction claim currently the employers contribution to pension scheme which comes under section 80ccd subsection 2 is within the overall ceiling of rs 100000 on the deductions under section 80c80ccc80ccd section 80cce is proposed to be amended to make this deduction over and above rs 100000 says sankla however this deduction would be restricted to 10 of basic salary plus dearness allowance also your financial plan should not only take into account this years budget measures but also the impending dtc implications if one were to consider only the tax savings perspective while investing during 201112 then this is the last year when one can avail of benefits under section 80c equitylinked savings schemes for allocation towards