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Income Tax Slabs FY 2024-25 & AY 2025-26 (New & Old Tax Regime)

Understanding India's tax structure is essential to financial planning, even though it might be complicated. With the aim of simplifying the intricacies of both the new and old tax regimes, this extensive reference will assist you in navigating the tax system and comprehending the income tax structure for FY 2023–2024. ...Read More

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Income Tax Slabs FY 2023-24 & AY 2024-25

Income Tax Slab FY 2024-25 and AY 2025-26

Income Tax Slabs FY 2023-24
December 19, 2024

Table of Content

1. What is the Income Tax Slab?

2. Quick glance at the latest Income Tax Slabs for FY 2024-25 & AY 2025-26 (only H2 update)

3. Revisions to the New Tax Regime in Budget 2024

4. Let’s Better Understand the Income Tax Slabs Under the Union Budget FY 2024-25 & 2025-26

5. Comparison of Tax Rates under New Tax Regime and Old Tax Regime for FY 2024-25 (AY 2025-26)

6. Different Types of Taxable Income in India

7. How to Calculate Income Tax with Tax Slabs?

8. What is a Surcharge and what are the Rates?

9. Important Points to Consider When Selecting the New Tax Regime

10. Example of Old Tax Regime vs. New Tax Regime

11. Deductions and Exemptions Under the New Tax Regime

12. Key Highlights of the New Income Tax Regime for FY 2024-25

13. How to Determine Which Income Tax Slab Applies to You?

14. Consequences of Missing the Filing Deadline for FY 2024-25 & AY 2025-26

15. Summary

16. Frequently Asked Questions (FAQ)

 

What is the Income Tax Slab?

Income Tax in India follows a tax slab system. Here, taxpayers’ income is categorised as ranges or slabs and certain tax rates are assigned to them. This is a progressive system of taxation where people earning more income are taxed at higher income tax slabs in proportion to their higher income.

By introducing income tax slabs in India, the Government of India aims to achieve a fair taxation system for all citizens. With this aim, the government revises the tax slabs periodically and announces amendments to the Union Budget accordingly.

Now that you know what income tax slabs are, let's take you through the different slabs under the old and new tax regimes for a better understanding.

For several years, many people purchased life insurance simply as a tax-saving method. The truth is, life insurance plays a crucial role in every sound financial plan. Before we create financial plans for the upcoming financial year, let’s better understand the new rules and regulations. In February 2023, the finance minister outlined the budget for the upcoming year, which included a few changes to the new tax regime. The finance minister reduced the number of tax slabs and extended the standard deduction to the salaried class and pensioners as well.

Quick glance at the latest Income Tax Slabs for FY 2024-25 & AY 2025-26

Below is a tabular version of the latest income tax slabs applicable for individuals and HUF:

Taxable Income

Old Tax Regime

New Tax Regime

Up to Rs.2.5 lakh

Exempted

Exempted

Greater than Rs.2.5 lakh to Rs.3 lakh

5%

Exempted

Greater than Rs.3 lakh to Rs. 5 lakh

5%

5%

Greater than Rs.5 lakh to Rs.6 lakh

20%

5%

Greater than Rs.6 lakh to Rs. 9 lakh

20%

10%

Greater than Rs.9 lakh to Rs.10 lakh

20%

15%

Greater than Rs.10 lakh to Rs.12 lakh

30%

15%

Greater than Rs.12 lakh to Rs.15 lakh

30%

20%

Above Rs.15 lakh

30%

30%

Revisions to the New Tax Regime in Budget 2024

The Union Budget 2024 introduced significant revisions to the new tax regime aimed at promoting inclusivity, simplifying compliance and providing greater financial flexibility to taxpayers. Here are the major revisions made to the new tax regime in Budget 2024:

1. Updated Tax Slabs

There have been significant changes in the income tax slabs in India under the new tax regime. The salaried employees can save up to Rs. 17,500 per year in taxes on the basis of proposals in the recent Union Budget of 2024-25.

2. Increased Standard Deduction

The standard deduction for salaried individuals has been increased from Rs. 50,000 to Rs. 75,000 who has opted for New Tax regime.

3. Family Pension

The deduction on family pension for pensioners has been increased from Rs. 15,000 to Rs. 25,000 under Section 57(iia) of Income Tax Act, 1961.

4. NPS Contribution

The government has increased the deduction limit for employers’ contributions to the National Pension System (NPS) from 10% to 14% under Section 80CCD.

5. NPS – Vatsalya

The government plans to launch a new scheme where parents and guardians can contribute towards NPS accounts for minors, which they can convert to regular NPS after the minor reaches adulthood.

Let’s better understand the Income Tax slabs under the Union Budget FY 2024-25 & 2025-26

The Budget 2024 has made significant changes in tax slabs under the New Tax Regime, which will apply for FY 2024-25 (AY 2025-26). Taxpayers can enjoy the benefits of new tax slabs, increased standard deductions and enhanced family pension. Here is a breakup of the revised income tax slabs for FY 2024-25 under the new regime:

Tax Slab for FY 2024-25

Tax Rate

Up to Rs. 3 lakhs

Nil

Rs. 3 lakhs to Rs. 7 lakhs 

5% (Tax rebate under Section 87A up to Rs. 7 lakhs)

Rs. 7 lakhs to Rs. 10 lakhs

10%

Rs. 10 lakhs to Rs. 12 lakhs

15%

Rs. 12 lakhs to Rs. 15 lakhs 

20%

More than Rs. 15 lakhs

30%

Comparison of Tax Rates under New Tax Regime and Old Tax Regime for FY 2024-25 (AY 2025-26)

The following table will help you understand the key difference in the income tax slab between the new tax regime and the old tax regime:

Income Tax Slabs

Old Tax Regime

New Tax Regime

Rs. 0 to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 to Rs. 3,00,000

5%

Nil

Rs. 3,00,000 to Rs. 5,00,000

5%

5%

Rs. 5,00,000 to Rs. 7,00,000

20%

5%

Rs. 7,00,000 to Rs. 10,00,000

20%

10%
     

Rs. 10,00,000 to Rs. 12,00,000

30%

15%

Rs. 12,00,000 to Rs. 12,50,000

30 %

20%
     

Rs. 12,50,000 to Rs. 15,00,000

30%

20%

More than Rs. 15,00,000

30%

30%

Different Types of Taxable Income in India

To calculate income tax in India, the taxpayers’ sources of income are categorised into different groups. The five main heads of taxable income in India are as follows.

  • Income from Salaries
    The income which an employee receives from an employer is categorised under this head. Even the pension a person receives after retirement is also categorised under this section. Form 16 carries every detail of your income from salaries. While filing your taxes, consider submitting this form as proof of your income and employment.
  • Income from Business or Profession
    According to Sections 30 to Section 43D of the Income Tax Act, the income a person earns from sources like freelancing, business or professions is taxable under this head. Income from such professions or side hustles is categorised under this head.
  • Income from House Property
    Any income that an individual makes by renting, leasing or selling a residential property is taxable by the Income Tax Act under this category.
  • Income from Capital Gains
    This category considers the earnings that you make from sources like investments in capital assets. This can include mutual funds, real estate and stocks. This section also divides your capital gains into two major categories based on your holding period. These are long-term capital gains (LTCG) and short-term capital gains (STCG).
  • Income from Other Sources
    Lastly, any income that does not fall under the above four categories is taxed as income from other sources. Examples of income sources that belong to this category are as follows.
  • Gifts received from any TV show or programme
  • Interests on FDs, saving bank accounts, etc
  • Interests from securities, bonds and debentures
  • Income from dividends
  • Profits from gambling, horse races and lotteries
  • Gifts from friends and families
  • Pension a person receives after pensioner’s death
  • Rental income from properties used for non-residential purposes

How to Calculate Income Tax with Tax Slabs?

For instance, if you have a total taxable income of Rs. 8,00,000, including income from all sources, including salary, rental and interest income. Moreover, you have reduced deductions under Section 80, such as Section 80D, etc. You can follow this table to calculate the income tax with tax slabs under the new regime:

Income Tax Slabs

Tax Rate

Tax Amount

*Income up to Rs. 3,00,000

No Tax

-

Income from Rs. 3,00,001 – Rs. 7,00,000

5% (Rs. 7,00,000 – Rs. 3,00,000)

Rs. 20,000

Income from Rs. 7,00,001 to Rs. 10,00,000

10% (Rs. 8,00,000 - Rs. 7,00,000)

Rs. 10,000

Income more than Rs. 10,00,001

15%

-

Tax

  

Rs. 30,000

Cess

4% of Rs. 30,000

Rs. 1,200

Total Tax in FY 2024-25 (AY 2025-26)

Rs. 31,200

What is a Surcharge and what are the Rates?

The additional tax levied in case of higher income earning over and above specific amount is known as surcharge.. It is chargeable on the tax collected and not on the earnings. For example, for an income of Rs. 1 crore, you must pay a tax under the old regime of Rs. 28,12,500 ,. In this regard, the surcharge will amount to 10% of the tax amount, Rs. 28,12,500 will be Rs. 2,81,250 . The surcharge is collected in India if the income exceeds Rs. 50 lakh and the amount varies from income to income.

The following are the different surcharge rates under old tax regime:

  • 10% of income tax when total income is greater than Rs. 50 lakh but upto Rs. 1 crore
  • 15% of income tax when total income is greater than Rs. 1 crore but upto Rs. 2 crore
  • 25% of income tax when total income is greater than Rs. 2 crore but upto Rs. 5 crore
  • 37% of income tax when total income exceeds Rs. 5 crore

However, in Budget 2024, the highest surcharge rate of 37% has been reduced to 25% under the new tax regime.

In addition, the surcharge rates of 25% and 37% will not apply in the case of income from dividends and from capital gains taxable under sections 111A (Short Term Capital Gain on Shares), 112A (Long Term Capital Gain on Shares), and 115AD (Tax on Income of Foreign Institutional Investors). Hence, it indicates that the surcharge on the tax payable on such income will be 15%. 

Moreover, the levy of surcharge in the case of an Association of Persons (AOP) consisting entirely of companies will also be limited to 15%. All assessee companies shall pay an additional health and education cess at 4% on the income tax liability.

Important Points to Consider When Selecting the New Tax Regime

If you are planning to file your taxes following the income tax slabs under the new regime, you must make note of certain points. These are as follows:

  • Under the new tax regime, an individual taxpayer will be unable to claim 70 tax deductions and exemptions available under the old regime. Individuals cannot claim popular deductions like Section 80C, Section 80D, HRA exemption, etc.
  • The income tax slabs and interest rates mentioned under the new tax regime are the same for all individuals, senior and super senior citizens.
  • Taxpayers with net taxable income less than or equal to Rs. 7 lakh can opt for a tax rebate under Section 87A.

Example of Old Tax Regime vs. New Tax Regime

To understand tax calculations under income tax slabs, let’s take a quick look at the following example. An income tax calculator can simplify this process, helping you understand your tax liability quickly and accurately.

Let’s assume that Mr Sinha is an individual taxpayer with a total taxable income of Rs. 40 lakh. This amount has been calculated by taking all income sources and necessary deductions into consideration.

Following this, Mr Sinha is eager to know his tax dues. However, before throwing light on this, here are a few important differences between new and old tax regimes which you must know.

  • The new tax regime is considered better for individuals with less number of investments in tax-saving schemes.
  • The old income tax slab offers more tax benefits to individual taxpayers with eligible investments and expenses.
  • It is beneficial to analyse both tax slabs before choosing one as the perks of each regime might vary among individuals.

Now, here is an overview of Mr Sinha’s payable tax under the old and new regime.

Categories

Old Tax Regime

New Tax Regime

Annual Income

Rs. 40 lakh

Rs. 40 lakh

Section 80 CCD

Rs. 30,000

-

Section 80C

Rs. 1.5 lakh

-

Health Insurance

Rs. 75,000

-

Standard Deduction

Rs. 50,000

Rs. 50,000

House Rent Allowance

Rs. 50,000

-

Leave Travel Allowance

Rs. 25,000

-

Net Taxable Income

Rs. 36.20 lakh

Rs. 39.50 lakh

Total Tax Payable

Rs. 9,34,440

Rs. 9,20,400

Deductions and Exemptions Under the New Tax Regime

The old tax regime held provisions for several tax exemptions and deductions. Most of these deductions are not present in the new income tax slab regime. Some of the deductions that the new tax regime allows are as follows.

  • Transport allowances for differently-abled individuals
  • Travelling allowance for transfer or employment
  • Any investment done in favour of the National Pension Scheme under Section 80 CCD (1) and Section 80 CCD (2)
  • Deductions for new employees under Section 80 JJAA
  • Any other deduction under Section 32 of the Income Tax Act
  • Gratuity Amount under Section 10(10)
  • Gifts up to Rs. 5000
  • Employer’s contribution to employee’s EPS account
  • Conveyance allowance
  • Additional employee costs under Section 80 JJA
  • Voluntary retirement exemption under Section 10(10C)

4. Surcharge for F.Y.2023-24:

Surcharge applicable as per tax rates are listed below across all categories mentioned above:

  • 10% of Income Tax for income > ₹50 lakh
  • 15% of Income Tax for income > ₹1 crore
  • 25% of Income Tax for income > ₹2 crore
  • 37% of Income Tax for income > ₹5 crore

The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112A and 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.

The maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 112, shall be 15%. The surcharge rate for an Association of Persons (AOP) with all members as a company, shall be capped at 15%.

It is to be noted that relevant marginal relief from surcharge is available.

Key Highlights of the New Income Tax Regime for FY 2024-25

The following are the key features of the new tax regime for 2024-25:

1. Default Tax Regime: The new regime is the default option. If you prefer the old tax regime, you must file Form 10-IEA to opt for it.

2. Basic Exemption Limit: A uniform basic exemption limit of Rs. 3 lakhs applies to all taxpayers, regardless of their age group.

3. Rebate Under Section 87A: Taxpayers earning up to Rs. 7 lakhs qualify for a rebate under Section 87A, resulting in zero tax liability for income within this threshold.

4. Surcharge: The maximum surcharge rate in the new regime is reduced to 25%, compared to 37% under the old regime.

How to Determine Which Income Tax Slab Applies to You?

To determine income tax slabs and applicable income tax slab rates for your income under any income tax structure, it is first impo rtant to calculate the tax on which the tax liability would be computed. If you choose to continue the previous tax structure, you can claim tax exemptions, including house rent allowance exemption and leave travel allowance exemption. It also includes deductions allowed under Section 80C (for investing in tax savings scheme) to Section 80U, provided you qualify. 

For example, if you earn Rs. 12 lakh from all sources, you can claim a deduction of Rs. 2.10 lakh under sections 80C, 80TTA and 80CCD (1b). The tax computation is at Rs. 9.9 lakh taxable income. In the old tax regime, your income tax slab ranged between Rs. 5 lakh to Rs. 10 lakh and the applicable tax rate was 20%.

However, the income tax slabs and income tax rules under the new tax regime have been amended in the July budget 2024. From April 1, 2024, the new tax regime will allow a standard deduction of Rs. 75,000 from salary and pension income. You can also claim Section 80CCD (2) deduction of up to 14% on basic salary for the employer's contribution to the employee's Tier-I NPS account. 

From the above example, after claiming the deduction, the taxable income is Rs 9.9 lakh (gross taxable income of Rs. 12 lakh minus Rs. 2.10 lakh). The net taxable income of Rs. 9.9 lakh falls in the revised income tax slab of Rs. 7,00,001 and Rs. 10,00,000, which will be taxed at 10%.

Consequences of Missing the Filing Deadline for FY 2024-25 & AY 2025-26

Missing the Income Tax Return (ITR) filing deadline for AY 2025-26 can lead to several repercussions for taxpayers in India. Here are some issues the taxpayers may face if they miss the deadline:

1. Interest and Penalties

Under Section 234A of the Income Tax Act, a delay in filing attracts an interest charge of 1% per month or part thereof on the outstanding tax amount. In addition, as per Section 234F, a late fee of Rs. 5,000 is levied for returns filed after the due date, which is reduced to Rs. 1,000 if the total income does not exceed Rs. 5 lakh. 

2. Inability to Carry Forward Losses

Taxpayers who miss the deadline forfeit the benefit of carrying forward certain losses, such as those from business or capital gains, to offset against future income. It can result in a higher tax liability in subsequent years. 

3. Restriction on Choosing Tax Regime

Filing a belated return restricts taxpayers to the default new tax regime, eliminating the option to opt for the old tax regime with its associated deductions and exemptions. Hence, it can lead to a higher tax outgo for those who would have benefited more under the old regime. 

4. Legal Consequences

Persistent non-compliance with tax filing requirements can attract scrutiny from the Income Tax Department, potentially leading to prosecution in severe cases. Therefore, timely filing is crucial to avoid such legal issues. 

To mitigate these consequences, taxpayers who have missed the initial deadline should file a belated return at the earliest opportunity. The last date for filing a belated AY 2025-26 returns is December 31, 2024. However, it is important to note that filing a belated return does not absolve one from the associated penalties and interest charges.

Particulars

Old Tax Regime

New Tax regime (until 31st March 2024)

New Tax Regime (From 1st April 2024)

Rs. 0 to Rs. 2,50,000

Nil

Nil 

Nil

Rs. 2,50,000 to Rs. 3,00,000

5%

5%

Nil

Rs. 3,00,000 to Rs. 5,00,000

5%

5%

5%

Rs. 5,00,000 to Rs. 6,00,000

20%

10%

5%

Rs. 6,00,000 to Rs. 7,50,000

20%

10%

10%

Rs. 7,50,000 to Rs. 9,00,000

20%

15%

10%

Rs. 9,00,000 to Rs. 10,00,000

20%

15%

15%

Rs. 10,00,000 to Rs. 12,00,000

30%

20%

15%

Rs. 12,00,000 to Rs. 12,50,000

30%

20%

20%

Rs. 12,50,000 to Rs. 15,00,000

30%

25%

20%

More than Rs. 15,00,000

30%

30%

30%

Summary

With the new income tax slab for FY 2024-25, taxpayers can make an informed decision between the old and new tax regimes. The new regime allows lower tax rates with minimum exemptions such as Section 80JJAA, Section 80CCD(2) Section 80CCH(2), while the old regime retained deductions/exemptions like Section 80C, Section 80D, Section 80EE, etc

Moreover, they can invest in Unit Linked Insurance Plans or ULIP to save tax under the old tax regime. It provides a combination of insurance and market-linked returns with tax exemptions. In the end, the right choice between the two regimes lies with someone considering the structure of income, financial goals, and respect for the taxpayers' investment preferences.

Frequently Asked Questions (FAQ)

1. Is filing income tax returns compulsory?

As per income tax laws, filing income tax returns is mandatory for individuals whose total income during the financial year exceeds the basic exemption limit of more than the gross total income of ₹ 2,50,000 under the old regime or ₹ 3,00,000 under the new regime. You will be attracting penalties by not filing returns. Also, it will hamper your chances of getting a loan, when you apply for a visa for travel purposes, or even property registration.

Do note that the exemption limit for an individual depends on his/her age. Citizens will have to inform the government mandatorily about income earned irrespective of the tax regime in Financial Year 2023-24.

2. Are there separate slab rates for different categories?

Individual taxpayers have to pay tax based on their age and income. For the financial year 2023-24, income tax slab rates are divided into the old regime, which has higher tax rates with three tax slabs and different deductions for senior and super senior citizens, and the revised new regime with lower tax rates.

3. Is there any standard deduction for FY 2023-24?

A standard deduction is a flat deduction of ₹ 50,000 to individuals earning a salary or pension income under the head "Salaries", irrespective of expenses or investments by the individuals. From FY 2023-2024, this deduction can be claimed under both regimes.

4. What is the 80C limit for 2023-24?

Section 80C is a popular section among taxpayers as it allows to reduce taxable income up to a maximum deduction of ₹ 1.5 lakh by making tax-saving investments like life insurance premium or incurring eligible expenses like school tuition fees which are available only for Individuals and HUFs. However, deduction is not allowed if the taxpayer opts for the new tax regime.

5. What are the Income tax slab rates under existing new regime and proposed new regime for FY 2023-24?

The Union Budget 2023 reduces the number of tax slabs under the new regime. We can compare the current new regime with the proposed new regime as follows:

Existing New Regime

Proposed New Regime

Income

Tax

Income

Tax

< ₹ 2,50,000

NIL

< ₹ 3,00,000

NIL

₹ 2,50,001 to ₹ 5,00,000

5%

₹ 5,00,001 to ₹ 7,50,000

10%

₹ 3,00,001 to ₹ 6,00,000

5%

₹ 7,50,001 to ₹ 10,00,000

15%

₹ 6,00,001 to ₹ 9,00,000

10%

₹ 10,00,001 to ₹ 12,50,000

20%

₹ 9,00,001 to ₹ 12,00,000

15%

₹ 12,50,001 to ₹ 15,00,000

25%

₹ 12,00,001 to ₹ 15,00,000

20%

> ₹ 15,00,001

30%

> ₹ 15,00,001

30%

6. How can individuals opt for the new tax regime? Understanding the exemption

Inclusions and exclusions
Taxpayers choosing to file tax under the new tax regime will have to forgo a few exemptions and deductions that were available in the existing old tax regime. Although there are 70 deductions and exemptions that taxpayers need to forgo, below are the most common ones:

7. What's not allowed under new tax rate regime?

a. Leave Travel Allowance (LTA) for salaried employees

b. House Rent Allowance (HRA)

c. Children education allowance

d. Helper allowance

e. Interest on housing loan (Section 24)

f. Other special allowances [Section 10(14)]

g. Professional tax

h. Donation to Political party/trust, etc

8. What's retained under new tax rate regime?

a. Retirement benefits, gratuity etc.

b. Conveyance allowance for expenditure incurred for travelling for duties of an office

c. Transport allowance for specially-abled people

d. Education scholarships

e. Retrenchment compensation

f. Investment in Notified Pension Scheme under section 80CCD(2)

g. Depreciation u/s 32 of the Income-tax act except additional depreciation.

9. Which entities are required to file income tax returns mandatorily?

As per the Income Tax Act, it is mandatory to file ITRs for these entities in India:

1. Individuals who want to claim an income tax refund

2. Those who want to set off and carry forward losses under a head of income

3. Individuals with assets or financial interests located outside of India

4. Individuals gaining income from property held under a trust for religious, charitable, or political purposes.

5. NRIs whose income accrued in India exceed ₹ 2.5 lakh

10. Is there any standard deduction for FY 2023-24?

Yes, the Income Tax Act allows a standard deduction of ₹ 50,000 to the income taxable under the head 'Salaries' for FY 2023-24.

Standard deduction is a tax benefit that can be claimed irrespective of the actual amount spent on Transport Allowance and Medical Allowance and is applicable to individuals earning a salary or pension income. The limit of standard deduction was set at ₹ 50,000.

11. What is the 80C limit for 2023-24?

The exemption under section 80C of the Income Tax Act can be availed of up to ₹1.5 lakh. Section 80C of the Income Tax Act, 1961, helps you save taxes on various investments and expenses you make during the financial year. Fixed Deposits in Bank, Public Provident Fund deposits (PPF), investment in National Pension Scheme (NPS), Employees Provident Fund (EPF) and Equity Linked Savings Schemes (ELSS) are some of the avenues open for you to avail of deductions under section 80C.

However, if you opt for the new tax regime announced in the Union Budget in 2020, Section 80C deductions claimed for provident fund contributions, life insurance premium, school tuition fee for children and various specified investments such as ELSS, NPS, PPF cannot be claimed.

12. Do I need to file an Income Tax Return (ITR) if my annual income is below Rs 2.5 lakh?

If your annual income is below Rs. 2.5 lakh, according to income tax slabs, the nil tax rate is applicable to you. Therefore, you don't need to file income tax returns or pay income tax.

13. Can you avail the standard deduction on a salary of Rs. 50,000 under the new tax regime?

As a salaried individual, you can avail a standard deduction of Rs. 50,000 by opting for the income tax slabs under the new regime.

14. Can we change tax regime every year?

Yes, Individual is allowed to switch between the old and the new regime as per Budget 2023.

15. Are there any conditions for opting New Tax Regime?

To be eligible for the lower income tax rates under the new regime, the following conditions must be met by the individual or HUF's total income:

  • No business income is included.
  • No exemptions or deductions from the Income Tax Act are taken into account.
  • Losses, including carry forward and depreciation-related losses, are not offset.
  • Capital losses from the sale of house property cannot be deducted.
  • No exemptions or deductions for allowances or perquisites from any other law are taken into account.

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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

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Disclaimer

# The above stated income tax slabs and tax benefits are subject to the provisions & conditions mentioned in the existing Income Tax Act, 1961. Tax Laws are also subject to change from time to time.

# It is requested to seek tax advice of your Chartered Accountant or personal tax advisor with respect to your personal tax liabilities under the Income-tax law.

##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.

~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.

^ Available under Life & Life Plus plan options

Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions.

Tax Laws are subject to change from time to time.

Customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.

ARN – ED/12/24/19206

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