Sunday, April 8, 2018

Income Tax Slabs / Rates for Individuals for Financial Year 2018-19 (AY 2019-20)

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The income tax is calculated differently for individuals based on various factors such as the type of income, amount of income, age, etc. In order to calculate the income tax from salary, an individual will require declaring the total amount of earning and the total amount of deductions. The government allows the individual to draw exemption on particular types of investment.

For salaried individuals, no changes have been made to the income tax rates proposed in 2017. However, the 3% Education Cess from the previous year has been replaced with a 4% “Health and Education Cess”. 

Furthermore, a standard deduction of Rs 40,000 has been introduced for all salaried individuals for transportation or medical reimbursement purposes.

For Income Tax slabs/rates for the Individuals for Financial Year 2017-18(AY 2018-19) Click the Link:https://svsaibaba.blogspot.in/2017/05/income-tax-for-individuals-for-annual.html

Income Tax slabs/rates for the Individuals for Financial Year 2018-19(AY 2019-20) are given below:

Individual resident aged below 60 years (i.e. born on or after 1st April 1959)
Income SlabsTax Rates
i.Where the taxable income does not exceed ₹ 2,50,000/-.NIL
ii.Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-.5% of amount by which the taxable income exceeds ₹ 2,50,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing ₹ 3,50,000/-, income tax chargeable on the income or ₹ 2,500/-, whichever is less.
iii.Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-.₹ 12,500/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv.Where the taxable income exceeds ₹ 10,00,000/-.₹ 112,500/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
Health & Education Cess : 4% 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 1939 but before 1st April 1959)

Income SlabsTax Rates
i.Where the taxable income does not exceed ₹ 3,00,000/-NIL
ii.Where the taxable income exceeds ₹ 3,00,000/- but does not exceed ₹ 5,00,000/-5% of the amount by which the taxable income exceeds ₹ 3,00,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing ₹ 3,50,000/-, income tax chargeable on the income or ₹ 2,500/-, whichever is less.
iii.Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-₹ 10,000/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv.Where the taxable income exceeds ₹ 10,00,000/-₹ 110,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
Health & Education Cess : 4% of the total of Income Tax and Surcharge.
Very Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1939)
Income SlabsTax Rates
i.Where the taxable income does not exceed ₹ 5,00,000/-.NIL
ii.Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iii.Where the taxable income exceeds ₹ 10,00,000/-₹ 100,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
Health & Education Cess : 4% of the total of Income Tax and Surcharge.
Any NRI or HUF or AOP or BOI or AJP
Income SlabsTax Rates
i.Where the taxable income does not exceed ₹ 2,50,000/-.NIL
ii.Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-.5% of amount by which the taxable income exceeds ₹ 2,50,000/-.
iii.Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-.₹ 12,500/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv.Where the taxable income exceeds ₹ 10,00,000/-.₹ 112,500/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
Health & Education Cess : 4% 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

Source: https://finotax.com/income-tax/slabs-1920


Thursday, March 29, 2018

Great Tips to Protect Your Privacy on the Web

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The internet is such a central part of our lives now, with all of our correspondence via email and instant messaging and the ability to purchase anything we need online. However, the ease that the internet has introduced to our lives does not come without a cost. 

Some of our privacy. Identity theft is not a rare incident and doesn't have to include a lost wallet. Today's hackers and cyber criminals break into personal email and social accounts and use information found there to transfer money or blackmail others with it. 

There are many ways to defend yourselves, but here are the 7 basic things you need to do to avoid being easy targets, and they're not hard to do, so pass them along and make everyone safer.

1. When Checking Email, Use the Browser's 'Incognito' Mode
When you browse the web, information is stored on your browsing history, images, videos and text in a folder called a 'cache'. The cache stores all the information about a certain webpage so that it loads faster the next time you visit.
By using the 'incognito' mode (available on Safari, Chrome, Internet Explorer and Firefox), the information about your searching habits isn't stored and every time you visit the website will be the first time. While there are certain upsides of allowing the website to suit itself to you, there may be information, like your credit card or banking details, that you don't want the website to remember. This is the time to switch on the 'incognito' function in your browser's tools.

Tip: 
 Try to carry out all online financial dealings (e.g. making a credit card purchase) on a secure page (look for the https instead of the regular http). This gives you some protection from hackers, but it doesn't mean the site itself cannot keep your details. Most do so only to confirm your identity.

2. Use a Passcode on Your Computer or Smartphone
 
It's always a good idea to secure your devices with a password. Although you may find this a nuisance, especially if you struggle to remember passwords, it is important that you and only you have access to your devices just in case they end up in the wrong hands. If your computer or phone has a password, no one but you can access the information, even if you lose it. So think of a simple password that will be easy enough for you to remember and use it on your computer and phone. This simple step could save you a lot of worry and headaches in the case that your device is lost or stolen. 

Tip: 
 Don't forget, it's better to just lose the device than lose the device AND the personal information you have stored on it.

3. Get in the Habit of Signing Out
When you are using a social media site, or just your email account, it is important that you remember to log or sign out after you've finished using it.
This will ensure that no one else can enter your account when you leave the site or that your settings are not saved on the computer for the next user. This is an especially important step for those that share their computer with others or leave their computer at work or home. If you are worried about forgetting your passwords and user names, write them down in a safe and memorable place.

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Tip: 
 There are programs that are safe to use and remember your passwords for you, such as RoboForm.

4. Know What People Are Saying About You Online

If you are worried about what others may be writing about you online, or want to look out for a child or friend on the web, you can use a free service called Google alerts. By setting a Google alert with your name, every time something is said about you online, you will be sent an alert to your inbox. It is simple to set up by going to google.com/alerts. There, type in your name or any variations of it. You can choose how often you'd like to be notified as well as what kinds of posts are relevant to you.

Tip:
 Make sure you put quotations around your name so the search engine knows exactly what to look for (Example: "James Dean").

5. Use Complex Passwords 
Probably the most important tip on this list. Believe it or not, if someone gets a hold of your username, it may be easier than you think to get a hold of your password. A lot has been made of hackers being geniuses who crack complex codes. The truth is, most of them are just very good at guessing passwords or have made programs that do that for them. 
Your best bet is to first, make sure that your passwords are different for every site and that they aren't too simple, like '1234' or your birthday. Instead, use a word that has no context to anyone but you (and especially not something that can be found on your social profile) or even a random string of letters and numbers (although of course those are hard to remember).

Tip: 
A great password is one that is easy to remember but uses unusual characters, for example: "iSem0untain" instead of "ice-mountain".

6. Check Your Privacy Settings 

While they may be a bit confusing, it is important to check the privacy settings of your social media and email accounts to make sure that you aren't sharing private information. This is important because many of these sites change their privacy settings regularly (sometimes without notifying you). If there is a setting you don't understand, make sure to look it up. You should know about all the privacy options available so you can apply them when you need it most.

Tip: 
 Make sure to read all the options carefully before choosing your desired level of security.

7. Clear Browser History

As mentioned above, when you browse the web, information about the sites you visited is saved in a 'cache', or file of all your internet information. If you share a computer with your family or use it in a public place (including your work), make sure you clean up your browser history each month to make sure that no one can see what you see on the web, which may include sensitive, personal or financial information. This can include your credit card information, identification numbers and so on, so this is an important step to remember if you are concerned about your online security.

Tip: 
 Most browsers have the erase history option in either their privacy or history menus. 

Other precautions which must be taken to keep the Computer and Browsing Safe:

Keep all software up to date: Did you know that 90% of software updates are there to patch security failures? Updates not only correct bugs and add new features but also patch vulnerabilities. A hole in the security will allow malware’s attacks: make sure you’re covered as soon as one is discovered.
Beware of phishing emails: Never visit an important website such as your bank’s by clicking a link in an email. If you do click a link, make sure that the website is secure: in your browser, look for a green lock icon and company name to the left of the URL bar.
Be Wise About Wi-Fi: Before you send personal information over your laptop or smartphone on a public wireless network in a coffee shop, library, airport, hotel, make sure your information is protected.

So remember, while the internet is an amazing tool and a fun opportunity to add to your knowledge, it's important to remember to have fun while keeping yourself secure and safe from identity theft.


Wednesday, March 14, 2018

Possible Causes of Memory Loss

Image result for memory loss
Do you walk into the kitchen only to realize you have no idea why you’re there, forget the name of someone you just met, or start driving only to realize you forgot how to get to where it is that you’re going? Such lapses are usually attributed to an overload of information, but from time to time, other things hinder your ability to remember. 

Here are 13 of the most common causes of memory lapses.
 
1. Vitamin B12 Deficiency
Vitamin B12 aids in the creation of red blood cells, reduces lethargy and the risk of anemia, and improves vital memory processes. A recent study found that Vitamin B12 deficiency may result in erratic memory. The research found that B12 works as a protective layer for myelin – the substance that coats our nerves. When there isn’t enough B12 in your system, the layer is not thick enough and gets damaged. This damage slows down nerve impulses, which can also lead to memory lapses.

B12 deficiency can be caused by old age – the older we get, our stomach secretes less acid, making it harder for our bodies to absorb nutrients from food. Another cause can be unhealthy diet choices, Anemia, and Crohn’s disease. B12 is most common in fish, meat, and dairy, so consult your doctor about the best source of B12 for you.
If you’re tired, gaining weight, feeling depressed and your memory is on the fritz, you may be suffering from hypothyroidism. This often occurs slowly and gradually, lowering the levels of the hormone thyroxine (T4), which has a critical role in our body’s energy production. Low T4 causes a slower metabolism and slower cognitive functions, causing lapses in memory.
Common causes of hypothyroidism can be autoimmune diseases such as Hashimoto’s, where the body attacks itself. Alternatively, viral infections and even abuse of antibiotics may also induce hypothyroidism.

If you’re under 45 and tend to be “forgetful”, you may want to test your blood pressure. In a research conducted at the University of Alabama, it was found that people who have higher blood pressure tend to suffer from memetic lapses, as well as a decrease in cognitive skills, when compared to people with normal blood pressure.
 High blood pressure damages the inner walls of the arteries, causing them to tear and form scar tissue, which hardens the arteries. Harder arteries allow less blood to travel through them, reducing the amount needed for the brain to function properly, and may lead to memory problems. The good news is that a healthy diet, physical exercise and weight loss can help reduce the risk of such arterial hardening.

A common theory that makes the connection between forgetfulness and menopause with women was recently corroborated. Research conducted by the University of California confirms that as estrogen levels dwindle, memory lapses tend to occur. Estrogen protects neurotransmitters, and without it, they become less efficient. Such cases can be treated with HRT.
If you suffer from migraines, you may be at risk of suffering from Transient Global Amnesia (TGA) in your fifties. 
Image result for memory loss
TGA is a state where a person cannot recall events from the previous day, cannot remember where they are or how they got there, while still remembering who they are and who other people are. 
It's customary to see this type of amnesia as a result of a genetic flaw, leading to a spread of nerve impulses in the brain. TGA can temporarily paralyze the memory, and, just like migraines, can be triggered by sudden immersion in hot or cold water, extreme emotional distress, or even sexual intercourse. Luckily, TGA is not very common, rarely occurs more than once in a lifetime, and is reversible.
6. Long Flights
Long flights can leave us exhausted and weary. These symptoms are usually caused by inconsistent sleep patterns, as well as jet lag.
 

Research conducted at the University of California showed that the feeling of drowsiness, memory lapses and the difficulty in processing information can extend for quite some time after the flight, and even after the feelings of jet lag have passed. When we sleep, our hippocampus processes our memories, so not enough sleep can cause memory lapses.
7. Pregnancy
Pregnant women are often stigmatized as having bad memory, and in recent research conducted in Australia, researchers compared the performance of pregnant vs. non-pregnant women. The results were conclusive - pregnant women under-performed in memory-related tasks when compared to their non-pregnant counterparts. Researchers hypothesized that the reasons are the changes in lifestyle and diet.
8. Chemotherapy
Another unpleasant side effect of chemotherapy is memory loss, often referred to as chemo-brain by patients. The chemotherapy can affect the way brain cells function, as shown in a Stanford University study that showed how women who undergo chemotherapy for breast cancer also suffered memory lapses when compared with those who did not engage in chemotherapy.
This is usually a reversible situation, and memory functions return to normal once chemo is concluded, but in some cases the improvement takes years. Taking aspirin, which increases the blood flow to the brain, can be a good way to prevent or treat “chemo brain”, but you should first consult with your oncologist.
9. Anesthesia
When undergoing major operations, anesthesia is often the only way a patient can go through the procedure without suffering major trauma. The downside is possible memory loss and reduced cognitive functions in the days following the operation. The University of Florida found that about 40% of patients who were over 60, suffered from memory loss after an operation, and 12.7% suffered serious cognitive problems in the following 3 months.
10. Epilepsy
Epilepsy is a type of “short circuit” in the brain causing seizures, and affects over 50 million people worldwide. During an episode, electrical impulses in the brain get redirected, leading to problems such as temporary loss of motor skills, loss of cognitive function and memory loss.
11. Arthritis and Asthma Medication
Corticosteroids are steroids the body produces, and can be taken as treatment of asthma and arthritis. Intake of high doses for a duration of six months or more may lead to memory problems. Despite being a rare occurrence, corticosteroids can actually kill brain cells and cause cerebral atrophy in the hippocampus, in particular. Changing the dosage can help, but your physician should be consulted with regards to other possible side effects.
12. Depression
Depression is associated with low levels of chemicals in the brain, such as serotonin or norepinephrine. These chemicals can affect memory-related processes in the brain. Antidepressants and/or psychological treatment can help with memory problems.


13. Excessive Alcohol Consumption
The more alcohol you consume, the less capable your brain is of storing short term memories. Alcohol affects the hippocampus, reducing its functions, including the formation of new memories, which is why we sometimes forget what we did after we drink.
Long-term alcohol abuse can lead to Korsakoff’s syndrome, where the ability to form short-term memories is lost, making it difficult to recall recent information. A slow, controlled rehabilitation can stop the process of memory loss for at least 25% of patients