They say tax and death is probably the only things you cannot avoid. We don’t know about death, but yes, you can definitely cut down your tax if you invest in certain tax saving products. The tax exemption limit varies for individual investors as per the tax slabs revised during budget session every year. Under section 80 C of the income tax act, you can invest in certain products to avail taxation benefits on your income for a financial year.

Taxation Slab for 2015-16
Individual Residents (Below 60 Years)
Income Slab Tax Rates
Where the taxable income does not exceed Rs. 2,50,000 NIL
Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000 10% of amount by which the taxable income exceeds Rs. 2,50,000
Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000 Rs. 25,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Where the taxable income exceeds Rs. 10,00,000/ Rs. 125,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Senior Citizens (Above 60- Below 80 Years)
Income Slab Tax Rates
Where the taxable income does not exceed Rs. 3,00,000 NIL
Where the taxable income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 10% of the amount by which the taxable income exceeds Rs. 3,00,000
Where the taxable income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 20,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Where the taxable income exceeds Rs. 10,00,000 Rs. 120,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 Crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Super Senior Citizen (Above 80)
Income Slab Tax Rates
Where the taxable income does not exceed Rs. 5,00,000 NIL
Where the taxable income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Where the taxable income exceeds Rs. 10,00,000 Rs. 1,00,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 Crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Co-operative Society
Income Slab Tax Rates
Where the taxable income does not exceed Rs. 10,000 10% of the income
Where the taxable income exceeds Rs. 10,000 but does not exceed Rs. 20,000 Rs. 1,000 + 20% of income in excess of Rs. 10,000
Where the taxable income exceeds Rs. 20,000 Rs. 3000 + 30% of the amount by which the taxable income exceeds Rs. 20,000

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 Crore.

Education Cess : 3% of the total of Income Tax and Surcharge.