Income Tax Slab & Deductions FY 2013-14
19th November 2016
HDFC Life provides the latest income tax rates in India for different age groups and tax benefits offered by various life insurance policies, for financial year 2013-14.
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)
|Sec. 10 (10)D||Under Sec. 10(10D), the benefits received by you are completely tax-free, subject to conditions specified there in|
Save Income Tax with Insurance
Affordable Term Plan. Coverage upto 75yrs. Tax Benefits under Section 80C*.
Zero premium allocation charge, 8 fund options. Get Tax Benefits under Sec 80C*.
Avail Instant Critical Illness Health Policy with Tax Benefits under Sec 80D*.
Investment cum life insurance plan with guaranteed benefits to meet your long term financial goals.
* 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
- Income Tax Slabs & Deductions for FY 2015-2016 and AY 2016-2017
- Income Tax Slab & Deductions for FY 2014-2015
- Tips on Reducing Premium
- Tax Structure in India
- Tax Saving Investment
- Tax Planning for Salaried Employees
- Long Term Investment Options
- Short Term Investment Options
To learn more about the income tax slabs AY 18-19, click here.
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