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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

⭐ How much tax do I have to pay?

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Calculating your income tax amount can be slightly complex. One has to take into account various factors before determining how much income tax one has to pay.

However, Bajaj Allianz Life Insurance makes it easy for you to calculate your taxes

Simply use the income tax calculator.

⭐ How can Bajaj Allianz Life Insurance help me save tax?

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Every earning individual must pay tax. As a smart investor, what one can do is reduce the amount of tax liability. Investing in life insurance products can play a significant role in your tax savings plan as it provides tax benefits.

The premiums that you pay towards your life insurance policy qualify for deductions of up to ` 1.5 lakh under Section 80C of the Income Tax Act, 1961.

On the other hand, Section 10(10D) makes the income from maturity amount tax-free if the premium is not more than 10% of the sum assured or if the sum assured is at least 10 times the premium. So investing in life insurance policy helps you save significant amount from tax and takes you closer to your life dreams.

Further, Unit-Linked Insurance Plans (ULIPs) do not come under the purview of Long Term Capital Gain tax, which was levied on equity-oriented investments in the Union Budget 2018-19 for amount exceeding one lakh.

So when you buy a life insurance policy, the premiums you pay towards your plan can be used to avail tax benefits from your taxable income every year. These deductions help you save significant amount of money and take you closer to your life goals.

⭐ Tax Planning Made Easy With Us

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Investing in a life insurance policy is a beneficial proposition as it provides life cover, enables you to realise your life goals as well as enjoy tax benefits while doing so.

Bajaj Allianz Life offers a range of innovative life insurance products, including term insurance, Unit Linked Insurance Plans (ULIPs), investment insurance plans, savings plans and more. You can choose a plan based on your unique requirements and life goals and avail tax benefits under Income Tax Act 1961.

YES! You can save Tax up to ` 46,800* with a life insurance plan from Bajaj Allianz Life!

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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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Email: customercare@bajajallianz.co.in

Registered Office Address

Bajaj Allianz House, Airport Road, 

Yerwada, Pune, Maharashtra - 411006

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© Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

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.

1©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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