Friday, May 26, 2017

Income tax for Individuals for the Annual Year 2018-19(Financial year 2017-18) and Eligible deductions

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How Income Tax is charged in India?

Income tax in India is charged based on one’s income, more the income more the tax. India has four  income slabs or groups.Tax slabs keep on changing from year to year. Over and above tax, surcharge and education cess is also charged.  These are announced in budget by the Finance Minister every year.

Income tax for Individuals for the Annual Year 2018-19(Financial year 2017-18)

New Income Tax Slabs for FY 2017-18 (AY 2018-19) have been provided based on the Finance Budget introduced by the Hon’ble Finance Minister on February 01, 2017. 

While the income tax slabs have been kept unchanged, some interesting changes have been made which will have an impact on the tax liability of Individuals.
Individuals Below 60 Yrs – Income Tax Slab 2017-18 (AY 2018-19)

Income Tax SlabIncome Tax Rate
Income upto Rs. 2,50,000Nil
Income between Rs. 2,50,001 – Rs. 500,0005% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000Rs. 12,500 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Income above Rs. 10,00,000Rs. 1,12,500 + 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. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. 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.
Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Rebate Reduced

The income tax rebate continues but it is reduced now. The income tax rebate came down to 2,500. Last year it was ₹5000. Not only the reduction, the threshold for this rebate also came down. Now, the income upto 3.5 lacs is eligible for this rebate. Earlier, income upto ₹5 lac was eligible for the income tax rebate.
Because of this provision, those who earns up to Rs 3 lacs are not required to pay any tax. Rather, if a person uses the all available deductions, the income up to Rs 5 lacs can become tax-free.
Senior Citizens (60-80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)

To avail the benefit of senior citizen’s income  tax slab of 2017-18, one should be born on or after 1st April 1937 but before 1st April 1957. These dates are applicable for the income tax slab rate of the financial year 2017-18.

Income Tax SlabIncome Tax Rate
Income upto Rs. 3,00,000Nil
Income between Rs. 3,00,001 – Rs. 500,0005% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000Rs. 20,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Income above Rs. 10,00,000Rs. 1,20,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

Education Cess

Senior citizens are also required to pay education cess similar to other individuals. The 3% cess is charged on the income tax of senior citizens. Due to this the effective income tax slab rate increases.

Super Senior Citizens ( above 80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)

The senior citizens of above the age of 80 gets maximum tax concession from the government. They get this concession considering increased medical and healthcare expenses.
To get the benefit of this income tax slab rate, one should be born before 1st April 1937.
Income Tax SlabIncome Tax Rate
Income upto Rs. 5,00,000Nil
Income between Rs. 500,001 – Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :
Income SlabsTax 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/-.5% 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. 12,500/- + 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. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
  

List of Income Tax Exemptions FY 2017-18 / AY 2018-19 (Chapter VI-A deductions list)

Income tax deductions list Income tax exemptions tax benefits Fy 2017-18 AY 2018-19 Section 80c limit 80D 80E NPS Home loan interest loss

For full details of Income Tax exemptions click the following link:

Sources:

To know about Income tax for Individuals for the Annual Year 2017-18(Financial year 2016-17) and Eligible deductions click the link given below

Friday, May 19, 2017

Know about Laughing Buddha

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Recently  I happened to see  a huge statue of Laughing Buddha in a temple very near to Chennai. It  was a surprise to me since I had not seen such a statue in any temple earlier. The picture of the statue is given below:
                                                    
With the curiosity arisen by the statue in the temple, I searched the web and found the following information about the Laughing Buddha.

The Laughing Buddha is cherished all over the world. He is the Buddha of abundance and happiness. He is also known as the “Buddha of Wealth”. It is believed he will bring wealth and prosperity to a home or business.

Over the years, he has come to represent several beneficial attributes such as happiness, prosperity, contentment and joy. Consequently, people in East Asia such as China and Japan have placed the Fat Buddha statue in their homes and offices.
It is very easy to recognize the Laughing Buddha. He is shown wearing a robe and prayer beads often hang around his neck. He is bald and has a big fat tummy.He is always happy;   thereby the name the “Laughing Buddha”.
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Many claim he makes problems disappear. Keeping the Laughing Buddha in the home ensures a happy home. Who does not want to be happy?

The Laughing Buddha has become a common and popular  name for Budai. Some people from the West who are not  familiar with Buddhism, may mistake the Laughing Buddha  for Gautama Siddhartha, the Buddha.So there is no connection between Gautama Buddha and the Laughing Buddha.
Actually his name was Quieci. But everyone called himBudai”. He was supposedly a Buddhist Zen monk who lived  in China over a thousand years ago.He was different from all other monks. Quieci was a jolly fellow. He often laughed whole heartily and reminded everyone to enjoy life and stay happy. He was very much loved.
One legend tells a story illustrating the claim that Budai wanted people to stay positive and joyful. When the beloved monk died many cried.A huge crowd gathered around to take a last farewell with tears running down their checks. The fire was lit at the cremation ceremony. Then to the surprise of most mourners  present there was a huge blast of fireworks.  
Before he died Budai had secretly asked that firecrackers were hidden under his robe.That did that trick. All who were present at the cremation found themselves smiling.
Even after his death he reminded all present to celebrate life. Just before he died it is told he said the following:
MAITREYA, THE TRUE MAITREYA  HAS BILLIONS OF INCARNATIONS. OFTEN HE IS SHOWN TO PEOPLE AT THE TIME;  OTHER TIMES THEY DO NOT RECOGNIZE HIM.
These words are by some interrupted to make him an incarnation of the Maitreya.The Maitreya is the future and last  Buddha who will bring ultimate love and enlightenment into  the world.

Rubbing the belly of Laughing Buddha:

According to legend, if you rub the Laughing Buddha's great belly, it brings forth wealth, good luck, and prosperity. Hotei is also referred to as the patron saint of restaurateurs, fortune tellers and bartenders. When one overeats or over drinks, friends jokingly attribute it to the Laughing Buddha's influence. 


Thursday, May 4, 2017

Tips for Coping with Empty nest syndrome.

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Empty nest syndrome is a feeling of grief and loneliness parents may feel when their children leave home for the first time, such as to live on their own or to attend a college or university. It is not a clinical condition.
Since young adults moving out from their families house is generally a normal and healthy event, the symptoms of empty nest syndrome often go unrecognized. This can result in depression and a loss of purpose for parents, since the departure of their children from "the nest" leads to adjustments in parents' lives. 
Full-time parents (stay-at-home mothers or fathers) may be especially vulnerable to empty nest syndrome. Adults who are also dealing with other stressful life events such as menopause, the death of a spouse, moving away or retirement are also more likely to experience the syndrome.

What's the impact of empty nest syndrome?

In the past, research suggested that parents dealing with empty nest syndrome experienced a profound sense of loss that might make them vulnerable to depression, alcoholism, identity crisis and marital conflicts.
However, recent studies suggest that an empty nest might reduce work and family conflicts, and can provide parents with many other benefits. When the last child leaves home, parents have a new opportunity to reconnect with each other, improve the quality of their marriage and rekindle interests for which they previously might not have had time.
Coping with Empty nest Syndrome
One of the easiest ways for parents to cope with empty nest syndrome is to keep in contact with their children. Technological developments such as cell phones, text messaging, and the internet all allow for increased communication between parents and their children.
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Parents going through empty nest syndrome can ease their stress by pursuing their own hobbies and interests in their increased spare time. 
Discussing their grief with each other, friends, families, or professionals may help them. 
Experts have advised that overwhelmed parents keep a journal, or go back to work if they were full-time parents.

Treatments

When a child's departure unleashes overwhelming sadness, treatment is recommended. Discuss your feelings with your general practitioner as soon as possible. You may benefit from psychotherapy to better understand and manage your feelings, and medication may also help mitigate symptoms of depression than can arise during this period. 
Social support can be incredibly helpful during times of stress and loneliness, and self-care should be made a priority during difficult transitions. There are practical things you can do to prepare for or manage the transition of children leaving the home. For example, time and energy that you directed toward your child can now be spent on different areas of your life. This might be an opportune time to explore or return to hobbies, leisure activities, or career pursuits.
This also marks a time to adjust to your new role in your child's life as well as changes in your identity as a parent. Your relationship with your child may become more peer-like, and while you may have to give your child more privacy, you can have more privacy for yourself as well.
Many suggest preparing for an empty nest while your children are still living with you. Develop friendships, hobbies, career, and educational opportunities. 
Make plans with the family while everyone is still under the same roof, such as family vacations, long talks, and taking time off from work to make special memories. 
Also, make specific plans for the extra money, time, and space that will become available when children are no longer dependent on you and living at home.
Courtesy:
Also read :

Tuesday, April 25, 2017

LESSER KNOWN FACTS ABOUT TAMIL NADU-PART 2

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Map of Tamil Nadu
Tamil Nadu lies in the southernmost part of the Indian Peninsula and is bordered by the union territory of Puducherry and the South Indian states of KeralaKarnataka, and Andhra Pradesh. It is bounded by the Eastern Ghats on the north, by the Nilgiri, the Anamalai Hills, and Kerala on the west, by the Bay of Bengal in the east, by the Gulf of Mannar and the Palk Strait on the southeast, and by the Indian Ocean on the south. The state shares a maritime border with the nation of Sri Lanka.
(Courtesy:Wikipedia)


There are lot of facts less known to common people about Tamil Nadu. Since the article is very lengthy I am posting it in two parts and this is the second part of the article:

1.The world's largest solar power plant is in Kamuthi, Tamilnadu. It can generate a maximum of 648 MW.The largest solar power plant in the world is now in our backyard.
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The facility has a capacity of 648 MW and covers an area of 2,500 acres, making it the world’s largest solar power plant at a single location. In contrast, California’s Topaz Solar Farm, which was previously the largest solar plant has a capacity of 550 MW.
The plant built in an impressive eight months and funded by the Adani Group is estimated to produce enough electricity to power about 1.5 lakh homes.
2.The state of Tamil Nadu has erected statues for the foreigners as a recognition for their contributions to Tamil language and literature.

Constanzo Beschi, an Italian missionary known to us as VIRAMAMUNIVAR
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Viramamunivar

Bishop Robert Caldwell - Irish linguist, missionary and Tamil language scholar

G. U Pope, who was best known for his translations of Thirukkural and Thiruvasagam

3. Fort St George was the first English fortress in India. It currently houses the Tamil Nadu legislative assembly and other official buildings.
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4. Tamilnadu has given India the most number of Presidents. Sarvepalli Radhakrishnan-Ramaswamy Venkataraman-A. P. J Abdul kalam

5. Vedanthangal bird sanctuary is the oldest water bird sanctuary of India. 

6. TAMIL NADU ranks first in the country in diversity of Flowering plants (Angiosperms). The state has 32% of total species of India.

7. The largest rose garden of India is Government Rose Garden, Ooty, India. The Garden has 22000 varieties of Rose.

8. All of the first 3 BharatRatna recipients were from Tamil Nadu (erstwhile MadrasPresidency) .

CV RAMAN was the first Asian and first non-white to receive any Nobel Prize in the sciences.

C. RAJAGOPALCHARI - Last Governor General of India

SARVEPALLI RADHAKRISHNAN-Second president of India.Credits: Chandrasekar Gokulanathan

9. The world's renowned mathematician, SRINIVASA RAMANUJAM was from Tamilnadu. Indian government has declared his birthday (December 22) as National Mathematics day. Credits: Srivathsan Iyengar

10. Madras(Now Chennai) was the only city in India which was attacked by the central powers of Germany, Austria and Hungary during the First world War (1914–18). The German warship SMS EMDEN targeted the Oil tankers in the Madras Harbour.Credits- Shyam Natraj

11. THIRUKKURAL:Thirukkural is one of the most translated non-religious works in the world. It has earned the title “ULAGA PODHU MARAI” (The Universal scripture).

12. Personalities who made Tamil Nadu and also whole of India proud at national and International Stage.

M.S. SUBBULAKSHMI - first musician ever to be awarded the Bharat Ratna. She is the first Indian musician to receive the Ramon Magsaysay award.

A R RAHMAN - “THE MOZART OF MADRAS”, the Oscar award winning Musician from Chennai.
KAMAL HASSAN - The four time National award winning actor and Producer. Seven of his films represented India under Best Foreign film category at the Oscars.

VISWANATHAN ANAND: Five time world chess champion and India’s First Grandmaster

SUNDAR PICHAI - Eventhough he is a U.S CITIZEN, Tamil People are very proud of him being born in a humble family of Madurai, Tamil Nadu.

NARAIN KARTHIKEYAN - India’s first formula one driver

SHIV NADAR - Founder of HCL which operates in 34 countries and employs around 1,11,000 people (approx.)

RAJNIKANTH - He was not born in Tamil Nadu, But he made Tamil people proud

13. BODHIDHARMAR was the transmitter of Chan Buddhism to China. He was the third son of a pallava king, who renounced his royalty and practiced Buddhism. According to Chinese legend, he trained the monks of Shaolin Temple that led to the creation of Shaolin Kung-fu.
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14. Nobel laureates who had their origins from Tamil Nadu / Madras state

Nobel Prize for physics-Sir C V Raman-Subramanyan Chandrasekhar-

Nobel Prize for chemistry-Venkatraman Ramakrishnan.

15.For the First time in INDIA, Transgenders are now applicable for the post of Sub Inspector of POLICE at Tamil Nadu.K Prithika Yashini is the first transgender person to become a police official in India

16. Tamil Nadu is the only state covered with three seas of India (Bay of Bengal, Arabian Sea, Indian ocean) 

17. Tamilnadu is the pioneer and the first state in India to introduce Mid-Day meal scheme in India. It was introduced first in Chennai and extended later to all other districts by the late chief minister Thiru K. Kamarajar.

18. Mathoor Aqueduct or hanging bridge is one of the highest and longest in South Asia. It was constructed in 1966 as a drought relief measure across river Pahrali in Nagercoil, Kanyakumari.
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19. Siddha medicine originated from ancient Tamilakam. Agasthiyar was considered the first Siddha and guru of all Siddhars. National Institute of Siddha was established in chennai to promote reasearch, higher studies and global recognition for Siddha Medicine.

20. Chennai is the health capital of India and attracts about 45% of Health Tourism in the country. Chennai Hospitals treats about 150 international patients every day.

21. Chennai is the first city in India to have municipal Corporation and it has completed more than 365 years and second oldest in the world after London city.

22. Bharathanatyam is possibly the oldest classical dance tradition of India.

23. AVM Productions in chennai is the oldest surviving film studio in India.

24.College of Engineering, Guindy is one of the oldest Technical and Engineering institution of India. It was established as a school of survey in 1794 and established as a college in 1859.

25. Siruvani River water is one of the tastiest River water in the world. Siruvani is the tributary of Bhavani in coimbatore, which is inturn a tributary of river cauvery.The Siruvani story 

26. PAMBAN Bridge connecting Rameshwaram Island with mainland is India’s first sea bridge (1914) and second longest sea bridge in India. 
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Saturday, April 22, 2017

LESSER KNOWN FACTS ABOUT TAMIL NADU-PART 1

Picture courtesy:www.kumbakonam.com

Tamil Nadu  literally 'The Land of Tamils' or 'Tamil Country') is one of the 29 states of India. Its capital and largest city is Chennai (formerly known as Madras). 

Tamil Nadu lies in the southernmost part of the Indian Peninsula and is bordered by the union territory of Puducherry and the South Indian states of KeralaKarnataka, and Andhra Pradesh. It is bounded by the Eastern Ghats on the north, by the Nilgiri, the Anamalai Hills, and Kerala on the west, by the Bay of Bengal in the east, by the Gulf of Mannar and the Palk Strait on the southeast, and by the Indian Ocean on the south. The state shares a maritime border with the nation of Sri Lanka.
(Courtesy:Wikipedia)

There are lot of facts less known to common people about Tamil Nadu. Since the article is very lengthy I am posting it in two parts and this is the first part of the article:


1. Tamil Nadu is the second largest economy in India after Maharashtra.

2. Tamil Nadu is the only state which has Indian flag in its seal.
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3. Tamil language spoken by Tamil Nadu people is one of the oldest classical languages in the world.

4. 60% of the Total epigraphical inscriptions of India found by ASI (ARCHAEOLOGICAL SURVEY OF INDIA) are from Tamil Nadu.
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5. Tamil Nadu has the following UNESCO World heritage sites.

A -  Mahabalipuram  

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Seashore Temple,Mahabalipuram      
B-Three Chola temples: the Brihadeeswarar Temple at Thanjavur, the Temple of Gangaikonda Cholapuram and the Airavatesvara Temple at Darasuram build by chola empire. 

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Brihadeeswarar Temple,Thanjavur
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Gangaikonda Cholapuram
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Airavatesvara Temple at Darasuram

C  Nilgiri Mountain railway
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                                                                 Nilgiri Mountain railway

6. Rani Velu Nachiyar (1730-1796), was a queen of Sivaganga estate in 1760-1790. She was the first queen to fight against the British colonial power in India, even long before the famous Rani of Jhansi. She is celebrated by Tamils as Veeramangai (brave girl). A postal stamp was issued to honour this brave queen.

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                                                            Rani Velu Nachiyar
7. Vellore mutiny of 1806 was the first instance of large scale uprising of Indian sepoys against British East India company.

8. Tamil Nadu has the highest proportion of women working in police force in India (12.5%)

9. TAMIL Written literature is the oldest in the world surviving for more than 2000 years.

10. TAMIL NADU is the largest producer of banana, turmeric, flowers and Tapioca in India.

11. The Traces of migration from Africa about 70000 years ago have been found in a village near Madurai, Tamilnadu. People living in Tamil Nadu may be one of the oldest thriving migrants from Africa.Every drop of human blood contains a history book written in the language of genes-- SPENCER Wells, population geneticist who surveyed the village-The rare genes of “NRYM130“ which is found among all the primitive aboriginals was proved to be present in Jyothimanickam Village people.

12. Bhakti movement started in Tamil Nadu and spread to North India.

13. The game kabaddi originated in Tamil Nadu.India is by far the successful international kabaddi team in the world, know why?We have been playing it for centuries as our native sport.
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14. TAMIL NADU is the top tourist state of India for three consecutive years from 2014

15. People of Tamil Nadu has great love for their language “TAMIL” that they have named their kids as follows:-

Tamil selvi/selvan,Tamil Anbu, Senthamil selvi/ selvan,Tamilanban, Tamil Arasan / Tamil Arasi,Tamil Mithran,Tamil Vanan,Thamizhini,Shemmozhi (classical language), Muthamilselvi, Tamil priya Tamil Alagan,Thenthamizhosai ,Tamizhnidhi Tamizhiniyal .

16. Tamil Nadu leads the country in organ donation- Times of India

17. Tamil Nadu tops the nation in solar power and wind power generation.

18. Chennai amounts to 60% of the country's automotive exports to the world. Chennai is known as the Detroit of India. It is one of the top ten automobile hubs of the world.Chennai emerging as global export hub for small cars: TN Govt - ET Auto

19. Spencer Plaza located in Chennai is the oldest shopping mall of India.

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                                           Spencer Plaza
20. Koyambedu bus terminus in Chennai is the largest in Asia.
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                                                       Koyambedu bus terminus
                                                
21. Vandalur zoological Park in Chennai  is the largest in India in terms of area. It is also the first public zoo of India.

22. World health organization (WHO) has rated ADYAR CANCER INSTITUTE as top ranking center in the country.

23. Kathipara Junction in Chennai is the largest cloverleaf flyover bridge in Asia.

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                                                Kathipara Junction

24. Archaeological evidences indicates the crucible steel process started in Tamil Nadu before the common era (0AD). This wootz steel was exported to Damascus, Syria from India to make Damascus steel which are used in making sharp resilient blades . India exported steel ingots to Middle East from 3 A.D. to 17 A.D.

25.Everyone knows that Marina Beach in Chennai is the second longest beach of the world. But it must also  be noted that it is the longest natural urban beach in the world.
Chennai is the cultural capital of India.
Source of the article: Email received from a friend
Photos: Google images