Porposed Income Tax Rates AY 2018-19
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Income Tax Slabs & Rates for AY 2017-18

Please click on the links below to view the Income Tax Slabs and Rates for the Assessment Year 2017-18 (applicable on income earned during 01.04.2016 to 31.03.2017) for various categories of Indian Income Tax payers.

●   Individual resident aged below 60 years	●  Firm
●  Senior Citizen	●  Local Authority
●  Super Senior Citizen	●  Domestic Company - Turnover upto Rs. 5 Cr.
●  Any NRI / HUF / AOP / BOI / AJP	●  Domestic Company - Turnover exceeding Rs. 5 Cr.
●  Co-operative Society	●  Other Company

Individual resident aged below 60 years (i.e. born on or after 1st April 1957)

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 2,50,000/-.	NIL
ii.	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/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 5000/-.
iii.	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/-.
iv.	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 : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1937 but before 1st April 1957)

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 3,00,000/- Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 5000/-	NIL
ii.	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/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	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/-.
iv.	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 : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1937)

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 5,00,000/-.	NIL
ii.	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/-.
iii.	Where the taxable income exceeds Rs. 10,00,000/-	Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 2,50,000/-.	NIL
ii.	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/-.
iii.	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/-.
iv.	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 : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
* Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

Co-operative Society

Income Tax :

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 10,000/-.	10% of the income.
ii.	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/-.
iii.	Where the taxable income exceeds Rs. 20,000/-	Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Firm

Income Tax : 30% of taxable income.
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Local Authority

Income Tax : 30% of taxable income.
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Domestic Company - Turnover upto Rs. 5 crores

Income Tax : 29% of taxable income.
Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

• At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
• At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

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

Domestic Company - Turnover exceeding Rs. 5 crores

Income Tax : 30% of taxable income.
Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

• At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
• At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

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

Company other than a Domestic Company

Income Tax :

• @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
• @ 40% of the balance

Surcharge :
The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

• At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
• At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

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

* Marginal Relief :

When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Example

In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-

1.	Income Tax	Rs. 28,25,300
2.	Surcharge @15% of Income Tax	Rs. 4,23,795
3.	Income Tax on income of Rs. 1 crore	Rs. 28,25,000
4.	Maximum Surcharge payable (Income over Rs. 1 crore less income tax on income over Rs. 1 crore)	Rs. 700/- (1000 - 300)
5.	Income Tax + Surcharge payable	Rs. 28,26,000
6.	Marginal Relief in Surcharge	Rs. 4,23,795/- (423095 - 700)

LIC'S BIMA DIAMOND

एलआईसी की बीमा डायमंड में ऑटो कवर

“ऑटो कवर अवधि” वह अवधि है जिसमें पॉलिसी के एक निश्चित समय तक चलने के उपरांत अगर आगे की प्रीमियम ना जमा हो, तो भी एक निश्चित अवधि तक पॉलिसी धारक को पूर्ण जीवन बीमा कवर का लाभ मिलता है। “ऑटो कवर अवधि” पहली अदत्त प्रीमियम (FUP) से चालू होती है जिसमे प्रीमियम भुगतान के लिये दी गई ग्रेस अवधि भी शामिल होती है। बीमा डायमंड  में “ऑटो कवर अवधि” निम्नानुसार उपलब्ध होगी:

1. अगर पॉलिसी मे कम से कम तीन सालों की सम्पूर्ण प्रीमियम जमा की जा चुकी हो परंतु पाँच वर्ष की पूर्ण प्रीमियम से कम हो, एवं आगे की प्रीमियम ना जमा की गयी हो: प्रथम अदत्त प्रीमियम (FUP) से छ: माह की “ऑटो कवर अवधि” उपलब्ध है।
2. अगर पॉलिसी मे कम से कम की पाँच वर्ष की पूर्ण प्रीमियम जमा की जा चुकी हो, एवं आगे की प्रीमियम ना जमा की गयी हो: प्रथम अदत्त प्रीमियम (FUP) से दो साल की  “ऑटो कवर अवधि” उपलब्ध है।

एलआईसी बीमा डायमंड की पात्रता शर्तें एवं प्रतिबंध

एलआईसी बीमा डायमंड मेंं उपलब्ध हितलाभ

एलआईसी बीमा डायमंड मेंं उपलब्ध विभिन्न हितलाभ निम्नानुसार हैं:

एलआईसी बीमा डायमंड में मृत्यु हितलाभ

बीमा धारक की परिपक्वता दिनाँक से पहले मृत्यु होने की दशा में (अगर पॉलिसी पूर्ण रूप से चालू हो तो)

बीमा डायमंड पॉलिसी के प्रथम 5 वर्षों के दौरान बीमा धारक की मृत्यु होने पर नोमिनी को “मृत्यु बीमाधन” देय होगा

पॉलिसी के 5 वर्षों के बाद परन्तु परिपक्वता दिनाँक से पहले बीमा धारक की मृत्यु होने पर नोमिनी को “मृत्यु बीमाधन” के साथ सहभागिता हितलाभ (Loyalty Addition), अगर कोई हो तो देय होगा

जहाँ “मृत्यु बीमाधन” जमा की जा चुकी कुल प्रीमियम के 105% से कम नही होगा। यहाँ उल्लेखित प्रीमियम में किसी भी तरह का कर, अतिरिक्त प्रीमियम एवं राइडर प्रीमियम के बिना है।

बीमा धारक की परिपक्वता दिनाँक के बाद विस्तारित जीवन बीमा कवर (Extended Life cover) के दौरान मृत्यु होने की दशा में 

बेसिक बीमाधन का 50% नोमिनी को देय होगा।

एलआईसी बीमा डायमंड में विघमानता हितलाभ (Survival Benefit)

अगर बीमा धारक पॉलिसी अवधि के दौरान एक निश्चित अवधि तक जीवित रहता है तो, मूल बीमा धन के एक निश्चित प्रतिशत के बराबर की राशि विघमानता हितलाभ के रूप में बीमा धारक को देय होगी। पॉलिसी में उपलब्ध विघमानता हितलाभ निम्नानुसार है:

एलआईसी बीमा डायमंड में परिपक्वता हितलाभ (Maturity Benefit)

परिपक्वता तिथि तक बीमित के जीवित रहने पर, “परिपक्वता बीमाधन” के साथ सहभागिता हितलाभ (Loyalty Addition), अगर कोई हो तो देय होगा। जहाँ परिपक्वता बीमाधन निम्नानुसार है:

16 वर्ष पॉलिसी अवधि के लिये “मूल बीमाधन” का 55%।

20 एवं 24 वर्ष पॉलिसी अवधि के लिये “मूल बीमाधन” का 40%।

एलआईसी बीमा डायमंड में वैकल्पिक हितलाभ

एल आई सी का दुर्घटना एवं अपंगता हितलाभ राइडर UIN (512B209V01)

अगर यह राइडर बीमा धारक द्वारा लिया गया है तो, बीमित की दुर्घटना से मृत्यु होने की दशा में  मृत्यु हितलाभ के साथ दुर्घटना बीमाधन के बराबर अतिरिक्त देय होगा, बशर्ते राइडर मृत्यु दिनाँक पर पूर्ण रूप से चालू हो। दुर्घटना के कारण हुई स्थायी अपंगता (जो दुर्घटना से 180 दिनों के अन्दर, दुर्घटना के कारण हुई हो) होने की दशा में दुर्घटना बीमाधन बराबर मासिक किश्तों में अगले दस सालों तक देय होगा।

एलआईसी का सावधी बीमा राइडर UIN (512B210V01)

अगर यह राइडर बीमा धारक द्वारा लिया गया है तो, बीमित की  मृत्यु होने की दशा में  मृत्यु हितलाभ के साथ सावधी बीमा राइडर बीमाधन के बराबर अतिरिक्त देय होगा, बशर्ते राइडर मृत्यु दिनाँक पर पूर्ण रूप से चालू हो।

एलआईसी की बीमा डायमंड में  उपलब्ध छूट

प्रस्तावक को प्रीमियम पर निम्नानुसार छूट उपलब्ध है, अगर वह वार्षिक/अर्ध वार्षिक प्रीमियम देय विधि या उच्च बीमाधन लेता है तो:

बीमा डायमंड पॉलिसी की अन्य शर्तें एवं विशेषताएँ

1. अगर पॉलिसी मे पूर्ण तीन वर्षों की प्रीमियम दी जा चुकी है तो पॉलिसी चुकता मुल्य प्राप्त कर लेगी
2. बीमा डायमंड पॉलसी को पॉलिसी अवधि के दौरान अभ्यर्पित किया जा सकता बशर्ते कम से कम पूर्ण तीन वर्षों की प्रीमियम दी जा चुकी हो।
3. पॉलिसी मे पूर्ण तीन वर्षों की प्रीमियम जमा करने के पश्चात लोन सुविधा उपलब्ध है, जो की चालू पॉलिसी में अभ्यर्पण मूल्य के 90% के बराबर एवं चुकता मूल्य प्राप्त कर चुकी पॉलिसी में अभ्यर्पण मूल्य के 80% के बराबर मिलेगा।
4. पॉलिसी को एक वित्तीय वर्ष मे पिछली दिनाँक से लिया जा सकता है।
5. पॉलिसी मे नामांकन एवं समनुदेशन किया जा सकता है।
6. पॉलिसी को पहली अदत्त प्रीमियम (FUP) से 2 वर्षों के भीतर पूनर्चलित किया जा सकता है।
7. फ्री लुक अवधि, पॉलिसी दस्तावेज मिलने के 15 दिनो तक।
8. प्रीमियम भुगतान के लिये ग्रेस पीरियड: वार्षिक, अर्ध वार्षिक एवं तिमाही प्रीमियम देय विधि के लिये एक माह (30 दिनों से कम नही) एवं मासिक प्रीमियम देय विधि के लिये 15 दिन उपलब्ध

Jeevan Lakshya

Benefits

LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

1.Benefits:

Death Benefit:
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the sum of:

1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above exclude tax, extra premium and rider premium(s), if any.

Maturity Benefit: “Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.

Final Additional Bonus shall not be payable under reduced paid-up policies.

2.Optional Benefits:
The policyholder has an option of availing the following Rider benefit(s):

» LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
» LIC’s New Term Assurance Rider (UIN: 512B210V01)

Rider Sum Assured cannot exceed the Basic Sum Assured.

For more details on the above Riders, refer to the Rider brochure or contact LIC’s nearest Branch Office.

1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and