POSTAL LIFE INSURANCE ONLINE CALCULATOR (1)

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Life Insurance Premium Calculator
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POSTAL LIFE INSURANCE ONLINE CALCULATOR
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• Postal Life Insurance is 117 years young. It was
  started in 1884 as a welfare measure for the
  employees of Posts Telegraphs Department under
  Government of India dispatch No. 299 dated
  18-10-1882 to the Secretary of State. Due to
  popularity of its schemes, various departments of
  Central and State Governments were extended its
  benefits. Now Postal Life Insurance is open for
  employees of all Central and State Government
  Departments, Nationalized Banks, Public Sector
  Undertakings, Financial Institutions, Local
  Bodies like Municipalities and Zila Parisads,
  Educational Institutions aided by the Government
  etc
• WHY YOUR TAXABLE INCOME IS NOT THE SAME AS YOUR
  INCOME
• A typical salaried employee is unlikely to earn
  any income which would fall under the head
  'Profits gains from business or profession'.
• While your employer knows of your salary income
  and deducts tax (TDS) against that, it is easier
  to disclose details of all your other taxable
  income (such as bank interest) at the beginning
  of the financial year - so that this can be
  factored in while calculating TDS. It will save
  you the trouble of having to pay advance tax.
• However, even if the entire tax payable by you
  has been deducted at source, you still need to
  file your own Life Insurance Premium Calculator .

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• The tax law details how to determine the taxable
  amount under each head of income. You could get
  tax benefits under some heads, either by way of
  an exemption (eg HRA) or a deduction (eg
  interest on savings bank accounts up to Rs 10,000
  in aggregate per year). As a salaried employee,
  the only possibility of your incurring a loss is
  when you sell your investments or properties or
  pay interest on your house mortgage. The law also
  provides for intra-head andor inter-head set-off
  of such losses.
• The income from all the various heads adjusted
  for loss set-off is your 'gross total income'.
  From your gross total income, you get a deduction
  for various eligible investments or payments made
  (All this and more is dealt with in sections of
  our article dealing with salary and savings). The
  resultant figure is your net taxable income on
  which you pay tax at the applicable tax rates.

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