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Bajaj Allianz Life Save Tax Avail Tax Benefits on your Life Insurance

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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Understanding Income Tax in India

Income Tax is a percentage of your income that you pay to the government each year. This money is used by the government to develop civic infrastructure and for overall development of the country. The amount that you pay as income tax depends on your income, which is categorized into different income groups or tax slabs. Each slab has a different percentage of income tax; the higher the slab the more income tax that is payable. The provisions for income tax is governed by the Income Tax Act 1961.

The slabs and the respective percentage of income tax payable are given below. These are the current Income Tax Slabs and Rates for Financial Year: 2020-21.

Income Tax Slab Rates for FY 2021-22 (AY 2022-23)

  • Income Tax Slab 1 (Old Regime)

  • Income Tax Slab 2 (Old Regime)

  • Income Tax Slab 3 (Old Regime)

  • Income Tax as applicable under New Regime

Income tax slab for individual tax payers HUF &(less than 60 years old)

Income Tax Slab

Tax Rate

Income up to 2,50,000

No Tax

Income from 2,50,001 -  5,00,000

5%

Income from 5,00,001 - 10,00,000

20%

Income more than 10,00,001

30%

Less: Rebate under Section 87A$

Surcharge Rates

Surcharge

Percentage

Taxable income upto 50 lakh

0%

50,00,0001– 1,00,00,000

10%

1,00,00,001 –  2,00,00,000

15%

2,00,00,001 –  5,00,00,000

25%

Above 5,00,00,001

37%

Health and Education Cess: 4% on total of income tax + surcharge.

$The rebate is available to a resident individual if his total income does not exceed 5,00,000. The amount of rebate shall be 100% of income-tax or  12,500, whichever is less.

Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old)

Income Tax Slab

Tax Rate

Income up to 3,00,000

No Tax

Income from 3,00,001 - 5,00,000

5%

Income from 5,00,001 - 10,00,000

20%

Income more than 10,00,001

30%

Less: Rebate under Section 87A$

Surcharge Rates

Surcharge

Percentage

Taxable income upto 50 lakh

0%

50,00,0001– 1,00,00,000

10%

1,00,00,001 – 2,00,00,000

15%

2,00,00,001 – 5,00,00,000

25%

Above 5,00,00,001

37%

 

Health and Education Cess: 4% on total of income tax + surcharge.

$The rebate is available to a resident individual if his total income does not exceed 5,00,000. The amount of rebate shall be 100% of income-tax or  12,500, whichever is less.

Income tax slab for super senior citizens (80 years old or more)

Income Tax Slab

Tax Rate

Income up to 5,00,000

No Tax

Income from 5,00,001 - 10,00,000

20%

Income more than  10,00,001

30%

Less: Rebate under Section 87A$

Surcharge Rates

Surcharge

Percentage

Taxable income upto 50 lakh

0%

50,00,0001– 1,00,00,000

10%

1,00,00,001 – 2,00,00,000

15%

2,00,00,001 – 5,00,00,000

25%

Above 5,00,00,001

37%

Health and Education Cess: 4% on total of income tax + surcharge.

$The rebate is available to a resident individual if his total income does not exceed 5,00,000. The amount of rebate shall be 100% of income-tax or  12,500, whichever is less.

Income tax slab for individual tax payers & HUF

Income Tax Slab

Tax Rate

Income up to 2,50,000

No Tax

Income from 2,50,001 -  5,00,000

5%

Income from 5,00,001 -  7,50,000

10%

Income from 7,50,001 -  10,00,000

15%

Income from  10,00,001 - 12,50,000

20%

Income from  12,50,001 - 15,00,000

25%

Income more than 15,00,001

30%

Less: Rebate under Section 87A$

Surcharge Rates

Surcharge

Percentage

Taxable income upto 50 lakh

0%

50,00,0001– 1,00,00,000

10%

1,00,00,001 – 2,00,00,000

15%

2,00,00,001 – 5,00,00,000

25%

Above 5,00,00,001

37%

 

Health and Education Cess: 4% on total of income tax + surcharge.

$The rebate is available to a resident individual if his total income does not exceed 5,00,000. The amount of rebate shall be 100% of income-tax or  12,500, whichever is less.

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Frequently Asked Questions

Faqs
Disclaimers:
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This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

*Tax benefit of ` 46,800 is calculated @31.20% on premium of ` 1,50,000/- which is eligible for deduction under section 80C of the Income Tax Act, 1961

The tax laws are subjected to amendments from time to time. Please check with your tax consultant for eligibility.

Please note that the above tax write-up is for general understanding and reference purpose only. The reader will have to assess the validity and accuracy of the facts, law and content with the prevailing tax statutes and seek appropriate advice from tax professionals before taking any action on the basis of the above information.

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