Select your Age Group
| Income Tax Slab | Individuals below the age of 60 years |
|---|---|
| Up to ₹ 2,50,000 | Nil |
| ₹ 2,50,001 to 5,00,000 | 5% of total income exceeding ₹ 2,50,000 |
| ₹ 5,00,001 to 10,00,000 | ₹12,500 + 20% of total income exceeding ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,12,500 + 30% of total income exceeding ₹ 10,00,000 |
| Income Tax Slab | Individuals below the age of 60 years |
|---|---|
| Up to ₹ 2,50,000 | Nil |
| ₹ 2,50,001 to 3,00,000 | Nil |
| ₹ 3,00,001 to 5,00,000 | 10% of total income exceeding ₹ 3,00,000 |
| ₹ 5,00,001 to 10,00,000 | ₹ 20,000 + 20% of total income exceeding ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,20,000 + 30% of total income exceeding ₹ 10,00,000 |
| Income Tax Slab | Individuals below the age of 60 years |
|---|---|
| Up to ₹ 2,50,000 | Nil |
| ₹ 2,50,001 to 3,00,000 | Nil |
| ₹ 3,00,001 to 5,00,000 | Nil |
| ₹ 5,00,001 to 10,00,000 | 20% of total income exceeding ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,00,000 + 30% of total income exceeding ₹ 10,00,000 |
| Particulars (₹) | Ravi | Ramesh | Rahul | |
|---|---|---|---|---|
| Annual Salary | 5,00,000 | 10,00,000 | 15,00,000 | |
| Less: Medical Reimbursement | 15,000 | 15,000 | 15,000 | |
| Less : Deduction u/s 80C | 80,000 | 1,50,000 | 1,50,000 | |
| Less : HRA deduction as per section 10(13A) | 92,000 | 1,00,000 | 1,50,000 | |
| Gross Taxable Income (GTI) | 3,13,000 | 7,35,000 | 11,85,000 | |
| Tax computation on GTI | ||||
| Up to ₹2,50,000 | - | - | - | |
| ₹ 2,50,001 to 5,00,000 | 6,300 | 25,000 | 25,000 | |
| ₹ 5,00,001-10,00,000 | - | 47,000 | 1,00,000 | |
| Above ₹ 10,00,001 | - | - | 55,500 | |
| A | Total tax | 6,300 | 72,000 | 1,80,500 |
| B | Less Rebate u/s 87A | 5,000 | - | - |
| C | 2% Education & 1% Secondary & Higher Education Cess on (A-B) | 39 | 2,160 | 5,415 |
| Tax Payable (A-B+C) | 1,339 | 74,160 | 1,85,915 | |
| Our Tax Saving Plans |
|---|
| ICICI Pru iProtect Smart - Term Plan Save tax up to ₹ 54,075 under Section 80C |
| ICICI Pru Heart/Cancer Protect – Health Plan Save tax up to ₹ 25,000 under Section 80C |
| ICICI Pru LifeTime Classic - Wealth Plan Save tax up to ₹ 46,350 under Section 80C |
| ICICI Pru Smart Kid - Child Plan Save tax up to ₹ 46,350 under Section 80C |
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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. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.
Please note that the tax write-up above is for general understanding and reference. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax benefits/savings are subject to conditions of Section 80C, 80CCC, 80CCE, 10(10A), 10(10D) and other provisions of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. ICICI Prudential Life Insurance Company Limited expressly disclaims any liability to any person, if tax benefits stated above are denied to the customer
∞This is only a provisional certificate and does not communicate acceptance or commencement of risk under proposal submitted by you. This document may be used as a proof for claiming deductions while filing your tax returns subject to provisions of relevant tax sections and acceptance of risk, i.e. on policy issuance by the company. For any confirmation / impact analysis customer is advised to refer the matter to his Tax consultant.
^Source: http://economictimes.indiatimes.com/wealth/tax/latest-income-tax-slabs/articleshow/56201289.cms
ADVT No - W/II/1045/2016-17