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 2014-15.
Save tax with HDFC Life’s various online insurance products.
Tax Slab* for Financial Year 2014-15 (Assessment Year 15-16)
|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. 2,50,000||Nil||Upto Rs. 3,00,000||Nil||Upto Rs. 5,00,000||Nil|
|Rs. 2,50,001 - Rs. 500,000||10%||Rs. 3,00,001 - 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%|
Surcharge @ 10% of tax will be payable by individuals having total income exceeding Rs. 100,00,000.
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. 46,350/- saved on investment of Rs. 1,50,000/-|| 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
| Total Savings|
Rs. 46,350/- under Sec. 80C and Sec. 80CCC and
Rs. 10,815/- under Sec. 80D
Above figures calculated for an individual 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.
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*.
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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.