Skip to Content
Tax Calculator

Tax Saving Calculator

 

Welcome to TaxDoctor, service from IndusInd Bank that provides you with an opportunity to save on Income Tax. Get expert advice on various tax saving investment options under Section 80C, 80D and 80CCG covering Life Insurance, Health Insurance, ELSS (Mutual Funds), Tax Saver Fixed Deposits, PPF and Rajiv Gandhi Equity Savings Scheme (RGESS) at no extra cost! All of this in one single visit to any of our branches or Online


Calculate your Tax

Which products can I choose to save on tax?

Our advisors will help you choose the right tax saving investment products from the following categories:

Life Insurance
(Section 80C)

Life Insurance

Life Insurance
(Section 80C)

With tax savings, Life Insurance purchase becomes an effective long term savings cum protection option. Maximum tax saving through Life Insurance is Rs. 46,350.

Read More

Life Insurance for Tax Saving

Life insurance is a great tool that will help your family in meeting their critical needs and lead a comfortable life even when you are not around. This is because the Insurer will pay the Beneficiary of your Policy a predetermined sum of money after your death. In fact, a Life Insurance policy is the first financial product considered by most individuals because financial security of family is of utmost importance.

In addition to protecting your family, Life Insurance can also be used to accumulate wealth for future needs. There are various kinds of insurance policies and you can use them for different purposes. For example, retirement plans, child insurance plans, whole life insurance plans, Term life insurance plans etc. are all good life insurance policies. Except Term plans, which don’t have an investment component, all others are good investment options too. Our advisors will be happy to assist you with these.

Tax benefits available when buying Life Insurance:

Life Insurance policies issued in India come with added tax benefits that make these policies a cost-effective long-term protection cum investment option. They currently fall under the "EEE" regime, i.e., the premiums paid, income earned, and payment of maturity proceeds or claims are all 100% exempt (E) from tax, subject to the limit specified under relevant provisions of the Income Tax Act.

At the time of purchase of the policy, an investment of Rs. 1.5 lakh or more can save you Rs. 46,350 in Income Tax. You can choose to buy a policy for a larger amount, but the tax exemption will be limited to an investment amount of Rs. 1.5 lakh only subject to compliance of conditions prescribed under Section 80C.

Death Claims, Survival and Maturity Benefits:

Payments received as survival benefits(money back, etc.), maturity proceeds etc. towards Life Insurance policy are exempt from tax under Section 10(10D) of the Income Tax Act subject to fulfillment of the condition that the premium should not exceed 10% of actual capital sum assured at any point of time during the tenure of policy. Moreover, amount received on death of the policyholder is exempt from tax, without any conditions.

Note : Premiums paid towards Pension Plans are eligible for deduction under Section 80CCC, subject to a maximum deduction limit of Rs.1.5 lakh combined together for Sections 80C and 80CCC.

 

Disclaimer

Please note that aforesaid information on tax benefits are based on our interpretation of law, i.e., the provisions of the Income Tax Act, Insurance Act and other applicable Act/Notifications/Circulars/Rules/schemes and Guidelines (as may be amended from time to timeand applicable for the Financial Year 2014-15 and Assessment Year 2015-16). The amount of tax savings calculated above is basis the effective maximum tax rate of 30.90% (including Education Cess) as applicable in case of an individual/HUF whose total income is more than Rs.10 lakhs and up to Rs.1 Cr.

It is advisable to consult a qualified tax advisor for further clarification(s). Indusind Bank does not have its own insurance products. For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale. You may be entitled to certain tax benefits on your premiums and benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in prevailing tax laws. Insurance is the subject matter of solicitation. IndusInd Bank Limited is authorized by the Insurance Regulatory and Development Authority to act as a Corporate Agent from July 30, 2013 to July 29, 2016 for procuring or soliciting insurance business of both Life & General Insurer under License Number CGM 1749817”.

Documents Required

To apply, you need the following documents:

  • 2 passport size photographs
  • Address proof
  • Identity proof
  • Copy of PAN Card
  • Income & investment documents (As per the insurer's requirements)

Equity Linked
Savings Scheme (ELSS)
(Section 80C)

Equity Linked Savings Scheme (ELSS)

Equity Linked
Savings Scheme (ELSS)
(Section 80C)

ELSS is a category of Mutual Fund schemes that invest primarily in stocks and are eligible for Section 80C benefits. Here too, you can save up to Rs. 46,350 on Income Tax.

Read More

Equity Linked Savings Scheme (ELSS)

One of the best ways to grow your money along with saving tax is to invest in Equity Linked Saving Scheme (ELSS). ELSS is mutual fund scheme that primarily invests into equity related instruments and are notified to avail income tax benefits. ELSS mutual funds come with a lock-in period of 3 years which is shortest comparing to other tax saving options and historically has delivered better returns over indices. ELSS is also an eligible tax-saving investment under Section 80C of the Income Tax Act 1961, where investments up to Rs. 1.5 lakh are eligible for deduction from your total income. You can save up to Rs. 46,350 in taxes by investing Rs.1.5 lakh in ELSS. Also, no tax is levied on the long-term capital gains from these funds and even dividends earned are tax free.

ELSS scheme has potential for much higher returns compared to other tax saving instruments. Indusind Bank provides you the option to invest in a variety of ELSS schemes. The tax schemes which are recommended by the Bank are well researched by our in-house research team.

 

Disclaimer

Please note that aforesaid information on tax benefits are based on our interpretation of law, i.e., the provisions of the Income Tax Act,other applicable Act/Notifications/Circulars/Rules/Schemes and Guidelines (as may be amended from time to time) and applicable only for the Financial Year 2014-15 and Assessment Year 2015-16. The amount of tax savings calculated above is basis the effective maximum tax rate of 30.90% (including Education Cess) as applicable in case of an individual/HUF whose total income is more than Rs.10 lakhs and up to Rs.1 Cr. You are advised to consult a qualified tax advisor to understand your individual tax liabilities. Mutual Fund investments are subject to market risks. Read the Scheme Information Document and Statement of Additional Information carefully before investing. Indusind Bank is a distributor of various AMC products and does not manage the funds by itself.

Health Insurance
(Section 80D)

Health Insurance

Health Insurance
(Section 80D)

Health Insurance is a cost effective way to protect your family against medical exigencies. You can get Health Insurance for self, immediate family or parents. It can save you up to Rs. 10,815 on Income Tax.

Read More

Health Insurance for Tax Saving

No one plans to get sick or hurt, but most people need medical care at some point. Even if you are in good health, having health insurance is important. You never know when you or your family member will have an accident or get sick. Having good health insurance provides you with an affordable way to get quality medical care when you need it. To encourage purchase of Health Insurance, the Government of India has extended certain tax benefits under Section 80D of Income Tax Act. These are explained below.

Health Insurance for self and family

For individuals less than 65 years of age, an amount of Health Insurance premium paid subject to an upper limit of Rs.15,000 is exempt from tax. This amounts to a maximum tax saving of Rs.4,635. In case person insured is above 65 years of age, the amount of Health Insurance premium paid subject to an upper limit of Rs.20,000 is exempt from tax. This amounts to a maximum tax saving of Rs.6,180

Health Insurance for parents

For parents (whether dependent or not) and less than 65 years of age, a further amount of Health Insurance premium paid subject to an upper limit of Rs.15,000 is exempt from tax. This amounts to a maximum additional tax saving of Rs.4,635. In case parents insured are above 65 years of age and senior citizen, the amount of Health Insurance premium paid subject to an upper limit of Rs.20,000 is exempt from tax. This amounts to a maximum additional tax saving of Rs.6,180. This deduction and tax saving on health insurance for parents are in addition to what is there on health insurance for self and family for self and family as mentioned above.

 

Disclaimer

Please note that aforesaid information on tax benefits are based on our interpretation of law, i.e., the provisions of the Income Tax Act, Insurance Act and other applicable Act/Notifications/Circulars/Rules/schemes and Guidelines (as may be amended from time to time and applicable only for the Financial Year 2014-15 and Assessment Year 2015-16). The amount of tax saving calculated above is basis the effective maximum tax rate of 30.90% (including Education Cess) as applicable in case of an individual/HUF whose total income is more than Rs.10 lakhs and up to Rs.1 Cr. You are advised to consult a qualified tax advisor to understand your individual tax liabilities. Indusind Bank does not have its own insurance products.Indusind Bank is in a Corporate Agency partnership with Religare Health Insurance to distribute Health Insurance products. Insurance is the subject matter of solicitation. For more details on risk factors, terms and conditions, please read sales brochure of respective products carefully before concluding a sale.

Documents Required

To apply, you need the following documents:

  • 2 passport size photographs
  • Address proof
  • Identity proof
  • Copy of PAN Card
  • Income & investment documents (As per the insurer's requirements)

Tax Saver Fixed Deposits
(Section 80C)

Tax Saver Fixed Deposits

Tax Saver Fixed Deposits
(Section 80C)

Tax Saver Fixed Deposits is another investment option introduced by the Government of India. Investments in these up to Rs. 1.5 lakh can save you up to ` 46,350 in Income Tax.

Read More

Tax Saver Fixed Deposits

Tax Savings Along with Assured Returns

In the Finance Bill of 2006, the government announced tax benefits under Section 80C of the Income Tax Act on Bank Fixed Deposits of tenure equal to or greater 5 years. An investment of up to Rs. 1.5 lakh in these Tax Saver Deposits can result in tax saving of up to Rs.46,350 (assuming your taxation rate including Education Cess is 30.90%).

Features of 5 year Tax Saver Fixed Deposits:

  • You can invest a minimum of Rs.100 and a maximum of Rs.1.5 lakh
  • Lock-in period of 5 years
  • Premature closure and loan facility against such deposits are not permitted

 

Disclaimer

Please note that aforesaid information on tax benefits are based on our interpretation of law, i.e., the provisions of the Income Tax Act and other applicable Act/Notifications/Circulars/Rules/schemes and Guidelines (as may be amended from time to time and applicable only for the Financial Year 2014-15 and Assessment Year 2015-16). The amount of tax savings calculated above is basis the effective maximum tax rate of 30.90% (including Education Cess) as applicable in case of an individual/HUF whose total income is more than Rs.10 lakhs and up to Rs.1 Cr. You are advised to consult a qualified tax advisor to understand your individual tax liabilities.

Public Provident Fund (PPF)
(Section 80C)

Public Provident Fund (PPF)

Public Provident Fund (PPF)
(Section 80C)

Public Provident Fund (PPF) is a savings-cum-tax-saving instrument. An investment of up to Rs. 1.5 lakh in the Public Provident Fund scheme can result in saving of up to ` 46,350 on Income Tax.

Read More

Public Provident Fund Account (PPF)

Public Provident Fund (PPF) scheme is a popular long term debt scheme backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax .Investors can invest minimum Rs. 500 to maximum Rs. 1,50,000 in one financial year and can get the facilities such as loan, withdrawal and extension of account.

An investment of up to Rs. 1.5 lakh in the Public Provident Fund scheme can result in tax saving of up to Rs.46,350 (assuming your taxation rate including Education Cess is 30.90%)

PF Product Features

  • Attractive interest rate of 8.70% per annum as announced for financial year 2014-15 (subject to change as per notification issued by Government of India). No tax is payable on the interest earned on PPF Account
    • The investments made in PPF Account are eligible for deduction under Section 80C subject to maximum Rs. 1,50,000 in one financial year.

1. Good long term investments of 15 years

2. Account can be extended in a block period of 5 years after maturity. The extension can be with or without contribution.

3. Deposit Amount as low as Rs.500 and maximum Rs.1,50,000 in one financial year

4. The investments can be made in 12 monthly installments or in lump sum at the option of the account holder.Loan can be availed between 3rd to 6th financial year

5. Partial withdrawal facility can be availed at the end of 6th year of operation of account.

 

Disclaimer

PPF is guided by The Public Provident Fund Act, 1968. Please note aforesaid information on tax benefits are based on our interpretation of law, i.e., the provisions of the Income Tax Act, The Public Provident Fund Act and other applicable Act/Notifications/Circulars/Rules/Schemes and Guidelines (as may be amended from time to time and applicable only for the Financial Year 2014-15 and Assessment Year 2015-16). The amount of tax savings calculated above is basis the effective maximum tax rate of 30.90% (including Education Cess) as applicable in case of an individual/HUF whose total income is more than Rs.10 lakhs and up to Rs.1 Cr.. You are advised to consult a qualified tax advisor to understand your individual tax liabilities.

Rajiv Gandhi Equity
Savings Scheme (RGESS)
(Section 80CCG)

Rajiv Gandhi Equity Savings Scheme (RGESS)

Rajiv Gandhi Equity
Savings Scheme (RGESS)
(Section 80CCG)

RGESS allows new retail investors to avail additional tax benefit (over and above Section 80C) on Rs. 25,000 for equity investment of ` 50,000. It can save you up to ` 5150 on Income Tax.

Read More

Rajiv Gandhi Equity Savings Scheme (RGESS)

Public Provident Fund (PPF) scheme is a popular long term debt scheme backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax .Investors can invest minimum Rs. 500 to maximum Rs. 1,50,000 in one financial year and can get the facilities such as loan, withdrawal and extension of account.

'Rajiv Gandhi Equity Savings Scheme, 2013' (RGESS guidelines) shall be applicable for claiming deduction in the computation of taxable income.This deduction is available on account of investment in in such listed equity shares or listed units of equity-oriented fund specified under the notified scheme
The tax deduction in terms of RGESS guidelines shall be available to a 'new retail investor' who complies with the conditions of the RGESS and whose gross total income for the financial year in which the investment is made under RGESS is less than or equal to twelve lakh rupees.

Maximum Permissible Investment

The maximum permissible Investment for claiming deduction under RGESS is Rs. 50,000.

Tax Benefit

The investor would get a 50% deduction of the amount invested from the taxable income for that year u/s 80CCG. The benefit is in addition to deduction available u/s Sec 80C. Hence, Now avail additional tax benefit on Rs.25,000 for maximum investment of Rs. 50,000 and save up to Rs. 5150 on Income Tax.

Lock-in Period

The total lock-in period for investments under the RGESS would be divided into 'fixed lock-in period' and 'flexible lock-in period'.

The initial period of lock in shall be known as Fixed Lock-in Period, which shall commence from the date of purchase of such securities in the relevant financial year and end on the 31st day of March of the year immediately following the relevant financial year.

The period of two years beginning immediately after the end of the fixed lock-in period shall be called the flexible lock-in period

Thus, upon completion of the fixed lock-in period, new retail investors would be allowed to trade in the eligible securities. Investors would, however, be required to maintain their level of investment during the next two years (i.e. the flexible lock-in period)

Disclaimer

Please note that aforesaid information on tax benefits are based on our interpretation of law, i.e., the provisions of the Income Tax Act and other applicable Act/Notifications/Circulars/Rules/schemes and Guidelines (as may be amended from time to time and applicable only for the Financial Year 2014-15 and Assessment Year 2015-16. The amount of tax savings calculated above is basis the effective maximum tax rate of 20.60% (including Education Cess) as applicable in case of an individual/HUF whose total income is upto Rs.10 lakhs.. You are advised to consult a qualified tax advisor to understand your individual tax liabilities.

Kindly provide us the below details with product you are interested in and our representative will get in touch with you shortly

Title
Select
Select

Select the Income Tax slab you belong to (in%)
(includes education cess and surcharges)

10.30

Select Age of your parents (in years)

35

Life Insurance for Tax Saving

ELSS

5-year Tax Saver FD

Public Provident Fund

Sukanya Samriddhi Scheme

Potential tax saving 0.00

Health Insurance for self & family

Potential tax saving 0.00

Health Insurance for dependent parents

Potential tax saving 0.00

Rajiv Gandhi Equity Savings Scheme*

Potential tax saving 0.00

Total

0.00

Total Tax Saving Amount

Total Savings U/s 80C

0.00

Total Savings U/s 80D

0.00

Total Savings U/s 80CCG

0.00

Total

0.00
My Account My Number

IndusInd Bank brings you

My Account My Number – a first-of-its-kind

banking feature that gives you the freedom,

flexibility and convenience to personalise your

Bank Account Number.

Apply Now
Close
Close

COPYRIGHT © 2013 INDUSIND BANK. ALL RIGHTS RESERVED.