My gross annual income is Rs 1,68,000.Please advise me as on how can i avail tax exemption.?

Yes Just calculate the net income and find what are the investment U have made like in PF, ESI etc and find what is U R net income If U R net income is above Rs.1,10,000 then U will receive the tax at 10 percent up to Rs.1,50,000 above 1,50,000 it will be 4000+3600(the 18000 Rs U have given above Rs. 1,50,000 is taken)