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Income Tax Slab Rates & Deductions for FY 2016-17 & 2017-2018
Table of Content
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/-
|
||
| 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*.
Zero premium allocation charge, 8 fund options. Get Tax Benefits under Sec 80C*.
Avail Instant Health Insurance Policy with Tax Benefits under Sec 80D*.
Investment cum insurance plan with guaranteed benefits to meet your long term financial goals.
* 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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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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