Things to know about Digi locker and How to open a Digi locker account

DigiLocker is an initiative by the Government of India under the Digital India programme to move towards paperless and digital governance. There was a time when a person had to get documents attested by a gazetted officer to be used as valid proof. Getting the documents reissued was time-taking and a tough task if one happened to lose them. To overcome these problems, the government has made provisions for digital documentation and e-signing through DigiLocker, instead of self-attestation. Though there are a lot of things to know about this service, here, we have dealt with the 7 most important points that you should know about DigiLocker.

1. Signing up for DigiLocker

DigiLocker is a highly secure system, as both the cloud and the mobile app are secured by Aadhaar authentication. You have to provide your Aadhaar and OTP to avail the services provided. You have to visit https://digitallocker.gov.in/ to create a new account. You can use your Username and password to login to your DigiLocker account. Alternatively, you can use your Aadhaar number and OTP to login. It is worth mentioning that an individual can have only one DigiLocker account as it is linked with the Aadhaar of the individual.

2. Getting documents issued or uploading them on DigiLocker

You can upload your documents, and even get them issued by the relevant government authority such as the Unique Identification Authority of India (UIDAI), Income Tax Department, CBSE, Indane, etc. In case you want to get your document issued, select the issuing agency and enter your details and the document will be issued and uploaded in your DigiLocker account. If you want to upload documents on DigiLocker, select the type of document and upload the scanned copy of the document. You can e-sign the document using the Aadhaar authentication method through OTP and share it with the requester agency.

3. Driving License and RC on DigiLocker

The government has made provisions for people to get their driving license and registration certificate (RC) via the DigiLocker app from the respective DTO or the issuing authority. The documents verified in DigiLocker can be used in place of the original driving license and registration certificate. The Ministry of Road Transport and Highways has issued a notification RT-11036/64/2017-MV that the driving license, registration certificate or any other document pulled into the DigiLocker app or mParivahan app will be legally recognized on a par with the original documents, as per the Information Technology Act, 2000.

These documents can also be shared through the app when required. The QR code present on the document can also be used to check the authenticity of the document.

4. Valid Identity Proof in Trains

The Ministry of Railways has confirmed in the Commercial Circular No. 33 of 2018 that Aadhaar card and Driving License will be considered as a valid proof of identity when presented from “Issued Documents” section by logging to the DigiLocker app. It is also worth mentioning that if the above-mentioned documents are in the “Uploaded Documents” section, they will not be considered as valid proof of identity.

5. Get Educational Certificates Issued Digitally

Getting educational and academic certificates issued by the relevant Education Board was never this simple. You can get your educational documents and certificates issued in the DigiLocker app. There are more than 20 crore educational certificates in the DigiLocker ecosystem. There are 15 central and state education boards and technical institutions that issue certificates to students in DigiLocker. Some of the prominent issuing authorities under this section are CBSE, CICSE, BSEB, PSEB, Maharashtra State Board, Jharkhand Academic Council, NIOS, etc.

6. Digitally Signing Documents

There was a time when you had to get your documents attested by a gazetted officer. But with DigiLocker, you can easily e-Sign the document and share it with the requesting authority through e-mail. e-Sign is similar to self-attestation where the individual asserts that the document is genuine. As of now, the e-Signature can be carried out through the Aadhaar e-KYC service through OTP or fingerprint authentication.

E-Sign facility can be useful for self-attestation, Income Tax e-filing, account opening in banks, application for vehicle registration or driving license renewal, admission in educational institutions, etc.

7. Additional Documents and Certificates on DigiLocker

You can get a lot of additional documents and certificates issued in your DigiLocker account from various government institutions. Some of the issuers that provided valid documents and certificates through DigiLocker are mentioned below:

Issuer	Documents Issued
New India Assurance Co. Ltd.	Insurance policy documents
Ministry of Petroleum and Natural Gas(IOCL)	e-Subscription Voucher for LPG connections
BPCL	e-Subscription Voucher for LPG connections
HPCL	e-Subscription Voucher for LPG connections
eDistrict Uttar Pradesh	Birth, income, caste certificates, etc.
Greater Chennai Corporation	Birth and death certificates
Department of Food, Public Distribution & Consumer Affairs (PDS)	Jharkhand PDS Certificates
Food and Supplies Department	Ration cards for Haryana
NIELIT, New Delhi	NDLM Certificates
Ministry of Skill Development And Entrepreneurship	ITI Certificates
Directorate of Provident Fund (GPF), Ranchi	GPF Statement for Govt. Employees of Jharkhand
Department of Sainik Welfare, Govt. of Pondicherry	Dependency Certificates
National e-Governance Division	NeGD Training Certificates
e-District Delhi	Income, caste, marriage certificates, etc.

Documents issued in DigiLocker are safe and secure as you either have to enter your username and password to login to your account or use your Aadhaar and OTP. It is really next to impossible to hack into your account. You can access these documents anytime and anywhere without any fear of losing them. The app comes with a 4-digit PIN which adds another layer of security to your mobile app.

Disclaimer: - The articles are for information purposes only. Information presented is general information that does not take into account your individual circumstances, financial situation, or needs, nor does it present a personalized recommendation to you. You must consult a financial advisor who understands your specific circumstances and situation before taking an investment decision.

Importance of Travel Insurance post COVID

Not many people realize this but travel-related insurance is easily one of the most ignored aspects of international travel and with the entire COVID-19 scenario running roughshod on international travel, it will become all the more important. This kind of insurance has always been essential to cover travel-related risks like missed connecting flights, lost baggage, injury or illness abroad, loss of travel documents, loss or damages caused by weather-related problems, etc. With the evolving Corona Virus situation, however, things will continue to remain exceptionally unpredictable for the foreseeable future, leading to any factors which will lead to increased need and importance of insurance for travel purposes.

Factor 1: The lingering risk of Corona Virus infection:

There will be a few long months, maybe more than a year, before you can expect an effective vaccine for coronavirus infection. News shows that while some medicines have shown promising preliminary results in the treatment of Covid-19, a vaccine is always the best choice because it is a preventive measure and as the old adage goes, prevention is always better than a cure. International travel takes place in planes which are enclosed environments and people are too close for comfort in the planes. Did you know that even if you fly business class, you are still not far enough from other people in a plane for sensible social distancing to be possible? Imagine flying a coach in such a scenario! This means that travel insurance is going to be extremely necessary for everyone.

Factor 2: Airlines services will continue to be shaky

Airlines are trying very hard across the globe to keep their systems operational but the situation was so bad that they were not even able to find enough parking spaces for all the grounded planes. The fact of the matter is that airlines always run at paper-thin margins because of the highly competitive industry and extremely volatile cost structure. Once they are going to get things in the air once more, there will be a lot of turbulence. Many systems were working by duct tape and hammer blows and getting back these systems to operational level in an understaffed and risk-bearing situation will mean many people will miss connections, luggage will get lost many times and all such risks will be very high, creating a strong need for everyone to buy travel insurance online before they fly to anywhere out of the country.

Factor 3: You might get stuck out of India during lock-down

Let there be an assumption that you were able to travel to any country out of India and you landed there all safe and sound, but just before you were supposed to travel back, your host area encountered a sudden rise in infections, making it necessary for the government of that area to suspend all travel activities in and out. In such a situation, you will be stuck in your host country until the government of India can arrange for your return. Travel insurance will be your only help in such a case. It will cover all the extra expenses which you will have to bear during the lockdown.

All things said and done, in the coming few months, international travel will change like never before.

Alternative Assets / Insurance / Making Money / Money tips - 03/21/2020

What is travel insurance ?

With the increase in travel, one of the important things that travellers need to know about is Travel Insurance. This form of insurance helps cover a whole range of uncertainties and scenarios that can drain out a traveller’s finances. Most countries require mandatory Travel Insurance while applying for a visa. But choosing the right Travel Insurance which covers all the risks of travel is important.

What does Travel Insurance mean?

Travel Insurance is a type of insurance that covers different risks while travelling. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveller can incur while travelling.

Travel Insurance is usually taken from the day of travel till the time the traveller reaches back to India. Taking Travel Insurance ensures comprehensive coverage in case of any emergency in another country. Travel Insurance is also available for trips taken in the home country of the traveller like Bharat Bhraman & E-Travel, but it is a more popular option for travel abroad.

Some of the risks covered under Travel Insurance are:

Personal Accident Cover, which covers:
- Insured’s Death
- Permanent Total Disability

Accident & sickness medical expense reimbursement
Dental treatment relief
Emergency evacuation
Repatriation of remains in case of death
Baggage delay
Loss of checked baggage
Loss of passport
Flight delay
Hijack
Home burglary
Trip curtailment
Trip cancellation
Missed connection/missed departure
Bounced hotel/airline booking.

There may be more risks covered under individual policies depending on the requirements of the traveller. The amounts to which these risks are covered depends on the policy & plan that the traveller opts for. Travel Insurance also covers additional risks at an additional premium. Some of these risks are specific to the traveller or the place the person is travelling to.

Types of Travel Insurance:

There are single trip Travel Insurance policies meant for one journey. But for frequent travellers who travel abroad for business purposes, there is an option to buy a multi-trip Travel Insurance policy. Some policies last for an entire year and cover multiple trips to a particular destination. Opting for such policies is much more cost-effective for businessmen and frequent travellers to a particular destination. We also have student policies which are specially designed for students going abroad for studies at an affordable premium. The maximum trip length can last from 30, 45 and 60 days.

Another type of travel policy is a Group Travel Insurance policy. A group policy covers 7 or more travellers. These policies are cost-effective and offer similar benefits as single trip Travel Insurance policies. Group Travel Insurance policies are based on the age of the travellers which means it works out more cost-effective per traveller. Most travel companies opt for group Travel Insurance policies when they take groups across different countries on tours.

It is easy to pick out a policy once you know the Travel Insurance definition. While planning your trip abroad, pick out a Travel Insurance policy that provides exhaustive coverage with high coverage. It is possible to check the cost of Travel Insurance on insurance aggregators and pick out the best policy. HDFC Bank offers a variety of Travel Insurance policies through the bank’s website like Student Travel Insurance, Domestic, Senior Citizens, Family and even Individual Travel Insurance. You can easily pick out a policy that suits your need and provides the best value for money.

Income Tax / Insurance / Investments / Making Money / Money tips - 03/20/2020

Income-tax Rates FY 2020-21 (AY 2021-22)

Before knowing the tax rates, it is very important to understand the terms Financial year (FY) and Assessment Year (AY).

The below-mentioned tax rates/ slab is on the income earned for the period 1 April 2020 to 31 March 2021. FY stands for the ‘financial year’ which is from 1 April 2020 to 31 March 2021. AY stands for Assessment year which 2021-22.

For individuals, the due date to file the income tax return for the income earned from 1 April 2020 to 31 March 2021 is 31 July 2021. However, this year due to COVID 19 economic relaxations, the due date is pushed to 30 November 2021

Income tax Rates

Income Tax Rate & Slab for Individuals & HUF:
1. Individual (Resident or Resident but not Ordinarily Resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year & for HUF:

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

Resident or Resident but not Ordinarily Resident senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	Nil	5%
Rs. 3,00,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

Resident or Resident but not Ordinarily Resident super senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 80 years or more at any time during the previous year:

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	Nil	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

Surcharge:
a) 10% of Income tax where total income exceeds Rs.50 lakh
b) 15% of Income tax where total income exceeds Rs.1 crore
c) 25% of Income tax where total income exceeds Rs.2 crore
d) 37% of Income tax where total income exceeds Rs.5 crore
Note:Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A & short-term or long-term capital gain u/s 115AD(1)(b).
Education cess:4% of income tax plus surcharge
Note: A resident or Resident but not Ordinarily Resident individual is entitled to rebate under section 87A if his total income does not exceed Rs. 5, 00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less. rebate under section 87A is available in both schemes I.e. existing scheme as well as new scheme.

Income Tax Rates for AOP/BOI/Any other Artificial Juridical Person:

Taxable income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Surcharge:
a) 10% of Income tax where total income exceeds Rs.50 lakh
b) 15% of Income tax where total income exceeds Rs.1 crore
c) 25% of Income tax where total income exceeds Rs.2 crore
d) 37% of Income tax where total income exceeds Rs.5 crore

Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A & short-term or long-term capital gain u/s 115AD(1)(b).

Education cess: 4% of tax plus surcharge

Tax Rate for Partnership Firm:

A partnership firm (including LLP) is taxable at 30%.

Surcharge: 12% of Income tax where total income exceeds Rs. 1 crore

Education cess: 4% of Income tax plus surcharge

Income Tax Slab Rate for Local Authority:

A local authority is Income taxable at 30%.

Surcharge: 12% of Income tax where total income exceeds Rs. 1 crore

Education cess: 4% of tax plus surcharge

Tax Slab Rate for Domestic Company:

A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.

Particulars	Tax Rate(%)
If turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year 2018-19	25%
If the company opted section 115BA (Note 1)	25%
If the company opted for section 115BAA (Note 2)	22%
If the company opted for section 115BAB (Note 3)	15%
Any other domestic company	30%

Note 1: Section 115BA - A domestic company which is registered on or after March 1, 2016 and engaged in the business of manufacture or production of any article or thing and research in relation to (or distribution of) such article or thing manufactured or produced by it and also It is not claiming any deduction u/s 10AA, 32AC, 32AD, 33AB, 33ABA, 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB), 35AC, 35AD, 35CCC, 35CCD, section 80H to 80TT (Other than 80JJAA) or additional depreciation, can opt section 115BA on or before the due date of return by filing Form 10-IB online. Company cannot claim any brought forwarded losses (if such loss is related to the deductions specified in above point).

Note 2: Section 115BAA - Total income of a company is taxable at the rate of 22% (from A.Y 2020-21), if the following conditions are satisfied:
- Company is not claiming any deduction u/s 10AA or 32(1)(iia) or 32AD or 33AB or 33ABA or 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB) or 35AD or 35CCC or 35CCD or section 80H to 80TT (Other than 80JJAA).
- Company is not claiming any brought forwarded losses (if such loss is related to the deductions specified in above point).
- Provisions of MAT is not applicable on such company after exercising of option. company cannot claim the MAT credit (if any available at the time of exercising of section 115BAA).

Note 3: Section 115BAB - Total income of a company is taxable at the rate of 15% (from A.Y 2020-21), if the following conditions are satisfied:

- Company (not covered in section 115BA and 115BAA) is registered on or after October 1, 2019 and commenced manufacturing on or before 31st March, 2023.
- Company is not formed by splitting up or reconstruction of a business already in existence.
- Company does not use any machinery or plant previously used for any purpose.
- Company does not use any building previously used as a hotel or a convention center, as the case may be.
- Company is not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to (or distribution of) such article or thing manufactured or produced by it. Business of manufacture or production shall not includes business of -

Development of computer software;
Mining ;
Conversion of marble blocks or similar items into slabs;
Bottling of gas into cylinder;
Printing of books or production of cinematographic film; or
Any other notified by Central Govt.

- Company is not claiming any deduction u/s 10AA or 32(1)(iia) or 32AD or 33AB or 33ABA or 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB) or 35AD or 35CCC or 35CCD or section 80H to 80TT (Other than 80JJAA and 80M).

- Company is not claiming any brought forwarded losses (if such loss is related to the deductions specified in above point).

- Provisions of MAT is not applicable on such company after exercising of option. company cannot claim the MAT credit (if any available at the time of exercising of section 115BAA).

Surcharge:
a) 7% of Income tax where total income exceeds Rs.1 crore
b) 12% of Income tax where total income exceeds Rs.10 crore
c) 10% of income tax where domestic company opted for section 115BAA and 115BAB

Education cess: 4% of Income tax plus surcharge.

Tax Rates for Foreign Company:

A foreign company is taxable at 40%

Surcharge:
a) 2% of Income tax where total income exceeds Rs. 1 crore
b) 5% of Income tax where total income exceeds Rs. 10 crore

Education cess: 4% of Income tax plus surcharge.

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 10,000	10%	-
Rs. 10,001 to Rs. 20,000	20%	22%
Above Rs. 20,000	30%	-

Income Tax Slab for Co-operative Society:

Surcharge:

a) 12% of Income tax where total income exceeds Rs. 1 crore
b) In case of Concessional scheme, surcharge rate is 10%

Education cess: 4% of Income tax plus surcharge.

Alternative Assets / Income Tax / Insurance / Investments / Salary / Tax - 06/03/2019

Income Tax Slab Rate & Deductions - FY 2017-18 (AY 2018-19)

What is Income Tax Slab?

Income tax is that percentage of income paid to the government by the taxpayers for the betterment of the public at large. This income is categorized into different groups on the basis of the amount of income. Each such group is known as a Tax Slab. Tax is charged at different rates on the range of income falling under different income tax slabs.
The Income Tax Act 1961 is the law that governs the provisions for our income tax in India.
The income tax slab rates are usually revised every year during the budget. Various deductions are allowed to a taxpayer under Section 80C, Section 80D, etc.

Income Tax Slab Rate Post Budget 2017

The tax is calculated according to the income tax slabs announced by the government every year in the Budget. The finance minister has announced the changes in the tax slab structure in union budget for 2017.
Following are the income tax slab rates and deductions in India for different categories of tax payers:

Income Tax Slab Rate For Men below 60 Years of Age

Income Tax Slab	Income Tax Rate	Education Cess	Secondary and Higher Education Cess
Income upto Rs. 2,50,000	Nil	Nil	Nil
Income between Rs. 2,50,001 - Rs. 500,000	5% of Income exceeding Rs. 2,50,000	2% of income tax	1% of income tax
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000	2% of income tax	1% of income tax
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000	2% of income tax	1% of income tax

Income Tax Slab Rate For Women below 60 Years of Age

Income Tax Slab	Income Tax Rate	Education Cess	Secondary and Higher Education Cess
Income upto Rs. 2,50,000	Nil	Nil	Nil
Income between Rs. 2,50,001 - Rs. 500,000	5% of Income exceeding Rs. 2,50,000	2% of income tax	1% of income tax
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000	2% of income tax	1% of income tax
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000	2% of income tax	1% of income tax

Income Tax Slab Rate For Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab	Income Tax Rate	Education Cess	Secondary and Higher Education Cess
Income upto Rs. 3,00,000	Nil	Nil	Nil
Income between Rs. 3,00,001 - Rs. 500,000	5% of Income exceeding Rs. 2,50,000	2% of income tax	1% of income tax
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000	2% of income tax	1% of income tax
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000	2% of income tax	1% of income tax

Income Tax Slab Rate For Senior Citizens (Age 80 years or more)

Income Tax Slab	Income Tax Rate	Education Cess	Secondary and Higher Education Cess
Income upto Rs. 5,00,000	Nil	Nil	Nil
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000	2% of income tax	1% of income tax
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000	2% of income tax	1% of income tax

Income Tax Slab Rate Hindu Undivided Families (HUF)

Income Tax Slab	Income Tax Slab Rate
Up to Rs.2,50,000	Nil
Rs.2,50,000 to Rs.5,00,000	10% Income exceeding Rs. 2,50,000
Rs.5,00,000 to Rs.10,00,000	20% Income exceeding Rs. 5,00,000
Over Rs.10,00,000	30% Income exceeding Rs. 10,00,000

Income Tax Slab Rate Legal Entities Registered as Associations of Persons

Income Tax Slab	Income Tax Slab Rate
Up to Rs.2,50,000	Nil
Rs.2,50,000 to Rs.5,00,000	10% Income exceeding Rs. 2,50,000
Rs.5,00,000 to Rs.10,00,000	20% Income exceeding Rs. 5,00,000
Over Rs.10,00,000	30% Income exceeding Rs. 10,00,000

Income Tax Slab Rate Legal Entities Registered as Bodies of Individuals

Income Tax Slab	Income Tax Slab Rate
Up to Rs.2,50,000	Nil
Rs.2,50,000 to Rs.5,00,000	10% Income exceeding Rs. 2,50,000
Rs.5,00,000 to Rs.10,00,000	20% Income exceeding Rs. 5,00,000
Over Rs.10,00,000	30% Income exceeding Rs. 10,00,000

Partnership Firms:

Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%

Local Authorities:

Local Authorities are to be taxed at the rate of 30%.

Domestic Companies:

Domestic Companies are to be taxed at the rate of 30%

Income Tax Slab RateCo-operative Societies

Income Tax Slab	Income Tax Slab Rate
Up to Rs.10,000	10% Income
Rs.10,000 to Rs 20,000	20% Income exceeding Rs. 10,000
Over Rs. 20,000	30% Income exceeding Rs. 20,000

Also,

Surcharge:

2% of the income tax amount (If income is greater than Rs.1,00,00,000/-)
5% of the income tax amount. Subject to marginal relief (If income is greater than Rs.10,00,00,000/-)

Education Cess: 2% extra (charged on the amount of income tax + surcharge being paid)

Secondary and Higher Education Cess: 1% extra (charged on the amount of income tax + surcharge being paid)

Comparison Of Income Tax Slabs For FY 2017-18 and FY 2016-17

Income Tax Slab	Income Tax For FY 2017-18	Income Tax For FY 2016-17
Income upto Rs. 2,50,000	Nil	Nil
Income between Rs. 2,50,001 - Rs. 500,000	5% of Income exceeding Rs. 2,50,000	10% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000

Disclaimer: – The articles are for information purposes only. Information presented is general information that does not take into account your individual circumstances, financial situation, or needs, nor does it present a personalized recommendation to you. You must consult a financial advisor who understands your specific circumstances and situation before taking an investment decision.

Income Tax / Insurance / Investments / Uncategorized - 03/05/2019

Income Tax Rate FY 2016 - 17 (AY 2017-18)

What is Income Tax Slab?

The Income Tax Act 1961 is the law that governs the provisions for our income tax.

The income tax rates are usually revised every year during the budget. Various deductions that are allowed to a taxpayer under Section 80C, Section 80D etc.

Income Tax Slab Rate

Following are the income tax slab rates and deductions for different categories of tax payers:

For Individuals Below 60 Years Of Age

Income Level	Tax Rate
Rs. 2,50,000	Nil
Rs. 2,50,001 - Rs. 500,000	10%
Rs. 500,001 - Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

For Senior Citizens (Age 60 years or more but less than 80 years)

Income Level	Tax Rate
Upto Rs. 3,00,000	Nil
Rs. 3,00,001 - Rs. 500,000	10%
Rs. 500,001 - Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

For Senior Citizens (Age 80 years or more)

Income Level	Tax Rate
Upto Rs. 5,00,000	Nil
Rs. 500,001 - Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Surcharge @ 15% of tax will be payable by individuals having total income exceeding Rs. 100,00,000.

Income Tax Deductions and Exemptions

Income Tax Section	Gross Annual Salary	How Much Tax Can You Save?	HDFC Standard Life Plans
Sec. 80C	Across all income slabs	Upto Rs. 46,350/-saved on investment of Rs. 1,50,000/-	All our Life Insurance Plans Buy Life Insurance and Save Tax
Sec. 80CCC	Across all income slabs	Upto Rs.30,900/-saved on Investment of Rs.1,50,000/-	All our Pension Plans Buy Pension Plans and Save Tax
Sec. 80 D*	Across all income slabs	Upto Rs. 10,815/-saved on investment of Rs.35,000/- (Inclusive of Rs. 20,000/- towards health insurance of parents who are senior citizens)	All our Health Insurance Plans All the health insurance riders available with our Conventional Plans Buy Health Insurance and Save Tax
Total Savings Possible **	Rs. 57,165/- Rs. 46,350/- under Sec. 80C and Sec. 80CCC and Rs. 10,815/- under Sec. 80D Above figures calculated for an individual with gross annual income exceeding Rs. 10,00,000/-
Sec. 10 (10)D	Under Sec. 10(10D), the benefits received by you are completely tax-free, subject to conditions specified therein

Income Tax / Insurance / Investments / Making Money / Uncategorized - 03/05/2019

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WCafe Financial Services Pvt Ltd (formerly known as Wealth Cafe Financial Services Pvt Ltd) is a AMFI registered ARN holder with ARN-78274.

WCafe Financial Services Pvt Ltd (formerly known as Wealth Cafe Financial Services Pvt Ltd) is a SEBI registered Authorised Person (sub broker) of Sharekhan Limited with NSE Regn AP2069583763 and BSE Regn AP01074801170742.

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