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Income Tax Slab Rates & Deductions for FY 2016-17 & 2017-2018

November 19, 2016 4181915
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 2016-17.

Save tax with HDFC Life's various online insurance products.

Tax Slab* for Financial Year 2013-14

Tax Slab* for Financial Year 2014-15

Latest Income Tax Slab 2020-21

What is Income Tax Slab?

Income tax is that percentage of income paid to the government by the taxpayers for the betterment of the public at large. This income is categorized into different groups on the basis of the amount of income. Each such group is known as a Tax Slab. Tax is charged at different rates on the range of income falling under different income tax slabs.

The Income Tax Act 1961 is the law that governs the provisions for our income tax.

The income tax rates are usually revised every year during the budget. Various deductions that are allowed to a taxpayer under Section 80C, Section 80D etc.

Income Tax Slab Rate

Following are the income tax slab rates and deductions for different categories of tax payers:

For Individuals Below 60 Years Of Age

Income Level Tax Rate
Rs. 2,50,000 Nil
Rs. 2,50,001 - Rs. 500,000 10% 
Rs. 500,001 - Rs. 10,00,000 20% 
Above Rs. 10,00,000 30% 

For Senior Citizens (Age 60 years or more but less than 80 years)

Income Level Tax Rate
Upto Rs. 3,00,000 Nil
Rs. 3,00,001 - Rs. 500,000 10% 
Rs. 500,001 - Rs. 10,00,000 20% 
Above Rs. 10,00,000 30% 

For Senior Citizens (Age 80 years or more)

Income Level Tax Rate
Upto Rs. 5,00,000 Nil
Rs. 500,001 - Rs. 10,00,000 20% 
Above Rs. 10,00,000 30% 

 

Surcharge @ 15% 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.1,50,000/- 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)

Total Savings
Possible **

Rs. 57,165/-

 
  • 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

Save Tax with Term Insurance - Calculate Premium

Save Income Tax with Insurance

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

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

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

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

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* Calculations are based on highest tax benefits.

 

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

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