Income Tax Slab & Deductions FY 2013-14

 

Latest Income Tax Slab 2020-21

 

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

For Men below 60 years of age		For 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 Section	Gross Annual Salary	How 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  Buy Life Insurance and Save Tax
Sec. 80CCC	Across all income slabs	Upto Rs. 30,900/-saved on Investment of Rs.1,00,000/-	All our Pension Plans  Buy Pension Plans and Save Tax
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)	All our Health Insurance Plans All the health insurance riders available with our Conventional Plans Buy Health Insurance and Save Tax
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 Policy 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.

Save Income Tax with Insurance

• HDFC Life Click2Protect Plus

Affordable Term Plan. Coverage upto 75yrs. Tax Benefits under Section 80C*.

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• HDFC Life Click2Invest - ULIP

Zero premium allocation charge, 8 fund options. Get Tax Benefits under Sec 80C*.

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• HDFC Life Easy Health Plan

Avail Instant Critical Illness Health Policy with Tax Benefits under Sec 80D*.

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• HDFC Life Super Income Plan

Investment cum life insurance plan with guaranteed benefits to meet your long term financial goals.

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* 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

 

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To learn more about the income tax slabs AY 18-19, click here.

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