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LIC Tax Saving Plans

February 1, 2017 By Ravi Shanker Leave a Comment

LIC Tax saving Plans are available for all the Lic Insurance Plans. All the Life Insurance Plans gives you an additional advantage of Lic Policy Tax Benefits. Income tax slabs increases along with the increase in your annual income. You can save your hard earned money by investing it in the LIC Insurance Plans. There are many policies with LIC policy Tax Benefits. You can choose the best Lic Policy for Tax Benefit. 

In all of the LIC life insurance plans, LIC Policy Tax Benefits are available for the premiums you paid. Contribution towards LIC policy is allowed as deduction in income under Existing Income Tax Laws. That is you not only provide financial security to your family in the unfortunate event, but also reap the LIC Policy Tax benefits from LIC tax saving plans through premium contribution. 

 

LIC policy tax benefits are available for the premiums paid towards LIC. LIC insurance premiums are exempted under section 80C. The maturity benefit or death benefit received from LIC is covered under section 10(10D).

Here I would like to share how to save tax for the FY 2016-17.

What’s on your mind? 

1. How much tax I need to pay this year!

2. What is the max I can save on taxes?

3. How do I learn about my investment and taxes?

4. Can I use both HRA and home loan to save tax?

5. How much benefit I can get for my home and education loan?

6. PPF, FD or Insurance for tax saving?

7. Everyone is talking about 80C, 80CCC, 80D, 80E, 80……What’s the mystery of 80’s in tax planning?

8. Why did I buy that insurance thing I never required? 

I hope this desk helps you to understand the tax saving avenues available to Individual tax payers in India and help you save tax and your hard earned money.

How much Tax you need to pay?

The first step for tax planning is how much tax you need to pay!

Income Tax Calculator for the FY 2016-17 ( AY 2017-18 )

 

General Public

( Below 60 years of age )

Senior Citizens

(60 to 80 years of age)

Very Senior Citizens

( More than 80 years of age )

Income Tax Slab Tax Income Tax Slab Tax Income Tax Slab Tax
Upto Rs.2.5lakh Nil Upto Rs.3lakhs Nil Upto Rs.5lakhs Nil
Rs.2.5 – 5lakhs 10% Rs.3 – 5lakhs 10% —– —–
Rs.5 – 10lakhs 20% Rs.5 – 10lakhs 20% Rs.5 – 10lakhs 20%
Above Rs.10lakh 30% Above Rs.10lakh 30% Above Rs.10lakh  30
  • ·    Education cess of 3%.·    Surcharge of 15% on Rs.1 crore plus income earners.·    Tax credit of Rs. 5,000 for income upto Rs.5 lakhs u/s 87A.·    There are no seperate slabs for male and female.Tax Savings Sections:

    Below is the list of all Tax Saving Section available for individuals in India.The following options are available under section 80C/80CCC/80CCD. The maximum deduction combining all these investments/expenditures is Rs.1.5lakhs.

    1. Investment Options ( Debt )

    Provident Fund(EPF/VPF), Public Provident Fund(PPF), Sukanya Samriddhi Account, National Saving Certificate(NSC), Senior Citizen’s Saving Scheme(SCSS), Tax Saving Fixed Deposits(for 5 years)

    2.   Investment Options (Others)

    Life Insurance Premium, Pension Plans from Mutual Funds, Pension Plans from Insurance Companies, New Pension Scheme(NPS), Tax Saving Mutual Fund(ELSS),Central Govt.Employees Pension Scheme

    3. Expenditures

    Principle Payment on Home Loans, Stamp duty and registrayion cost of house, Tuition fee for 2 children.

     

Filed Under: lic Tagged With: best lic policy for good return, Best LIC Policy for Tax Benefit, LIC exemption income tax, lic insurance premium tax exemption, LIC Policy Tax Benefits, lic saving scheme, lic tax benefit calculator, lic tax saving fixed deposit, LIC Tax saving Plans, life insurance premium tax deduction, Tax on LIC policy maturity

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