Income Tax Slab & Deductions

Income Tax Slab & Deductions

HDFC Life provides the latest income tax rates in India for different age groups and tax benefits offered by various life insurance policies, for the current financial year.

Income Tax Rates & Deductions in India

Proposed Tax Slab* for Financial Year 13-14 (Assessment Year 14-15)

For Men below 60 years of ageFor Senior Citizens (Age 60 years or more but less than 80 years)For Senior Citizens (Age 80 years or more)
Income Level Tax Rate Income Level Tax Rate Income Level Tax Rate
Rs. 2,00,000 Nil Upto Rs. 2,50,000 Nil Upto Rs. 5,00,000 Nil
Rs. 2,00,001 - Rs. 500,000 10% Rs. 2,50,001 - Rs. 500,000 10% Rs. 5,00,001 - Rs. 10,00,000 20%
Rs. 500,001 - Rs. 10,00,000 20% Rs. 500,001 - Rs. 10,00,000 20% Above Rs. 10,00,000 30%
Above Rs. 10,00,000 30% Above Rs. 10,00,000 30%  

Income Tax Deductions and Exemptions

Income Tax SectionGross Annual SalaryHow Much Tax Can You Save?HDFC Standard Life Plans
Sec. 80C Across all income slabs Upto Rs. 30,900/- saved on investment of Rs. 1,00,000/- All our Life Insurance Plans
Sec. 80CCC Across all income slabs Upto Rs. 30,900/- saved on Investment of Rs.1,00,000/- All our Pension Plans
Sec. 80 D* Across all income slabs Upto Rs. 10,815/- saved on investment of Rs.35,000/-
(Inclusive of Rs. 20,000/- towards health insurance of parents who are senior citizens)
Total Savings
Possible **
Rs. 41,715/-

  • Rs. 30,900/- under Sec. 80C and Sec. 80CCC and
  • Rs. 10,815/- under Sec. 80D
  • Above figures calculated for a male with gross annual income exceeding Rs. 10,00,000/-
Sec. 10 (10)D Under Sec. 10(10D), the benefits received by you are completely tax-free, subject to conditions specified there in
  • Applicable to premiums paid for all Health Insurance Plans, Critical Illness Benefit, Accelerated Sum Assured and Waiver of Premium Benefit.
    ** These calculations are illustrative and based on our understanding of current tax legislations.
  • The above-mentioned tax benefits are subject to changes in the tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.

* Calculations are based on highest tax benefits.

Note: These tax calculations are based on present tax legislations, which are
subject to change The aggregate deductions from income under Sections 80C, 80CCC and 80CCD (applicable in case of central government employees only) should not exceed Rs 1 lakh