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Understanding Income Tax in India

Income tax is a percentage of your income that you surrender to the government each year. Since the amount of income tax payable depends on your income, people in India are categorized into different income groups that are known as tax slabs. Each slab has a different percentage of income tax; the higher the slab the more income tax that is payable. You can invest in different tax saving options to lower your taxable income.

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: 2017-18

Income Tax Slab Rates for FY 2017-18 (AY 2018-19)

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

Income Tax Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income from Rs. 2,50,000 - Rs. 5,00,000 5%
Income from Rs. 5,00,000 - 10,00,000 20%
Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.

Cess: 3% on total of income tax + surcharge.

* Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

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

Income Tax Slab Tax Rate
Income up to Rs. 3,00,000* No Tax
Income from Rs. 3,00,000 - Rs. 5,00,000 5%
Income from Rs. 5,00,000 - 10,00,000 20%
Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.

Cess: 3% on total of income tax + surcharge.

* Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age

Income tax slab for super senior citizens (80 years old or more) (both men & women)

Income Tax Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income up to Rs. 5,00,000* No Tax
Income from Rs. 5,00,000 - 10,00,000 20%
Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.

Cess: 3% on total of income tax + surcharge.

*Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old

Customers should note that the Income Tax Exemption limit per FA 2016 is up to a maximum of Rs.2,50,000 for all individuals and HUF other than those who are covered in Part(II) or Part(III).

How much tax do I have to pay?

Calculating your income tax amount can be slightly tricky. 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 and that too within seconds.

Simply use this income tax calculator. Tax Calculator

How can Bajaj Allianz Life Insurance help me save tax?

We cannot escape from paying Tax, but you can certainly reduce the amount of tax paid. This is because the Income Tax Act, 1961 is the law that governs the provisions for our income tax in India and Sections 80C & 10(10D) under this act allows tax deductions toward life insurance products.

So when you buy a life insurance policy from Bajaj Allianz Life Insurance, the premiums you pay towards your plan can be used to avail tax benefits from your taxable income every year. These tax saving options help you save loads of money whilst you are protected from the uncertainties of life.

Tax Saving Options To Make Your Tax Planning Easier

Do you suddenly feel stressed? Want to account for every single rupee you spend? Do you feel an insatiable need to invest?

No matter how close or far-off the Tax season may be - having your tax saving options & investment instruments ready today is essential to enjoy tax rebates & better returns tomorrow.

Get your #LifeGoalsDone with Bajaj Allianz Life!
Simply choose from a range of tax saving options such as Life Insurance and Investment Solutions from Bajaj Allianz Life and avail Tax Benefits under Income Tax act 1961.

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

Save Tax with Bajaj Allianz Tax Saving Options

Tax Planning Made Easy With Us

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What our Customers Say

Disclaimer: 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) under either Fully or Partially Blocked category, any call made or SMS 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.

For more details about risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. Please note that the name of the Bajaj Allianz product/plan does not indicate the quality of the insurance contract and its future prospects or returns. Investment in ULIPs is subject to market risks associated with capital markets. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. 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. Service tax and education cess 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.

The returns as indicated in the Sales Illustration are only illustrative and they are not guaranteed. The illustrative 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.

The results displayed in the calculators are based on certain assumptions about the rates of return. 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.

*Tax benefit of Rs. 46,800 is calculated @31.20% on premium of Rs. 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.

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to contact me. It will override my registry on the NCPR.
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 or SMS 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