Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Income Tax Slabs and Rates in India for FY 2019–20
3 mins
3.4KLet us take a look at the income tax slabs for the financial year 2019-2020, mainly differentiated by the age bracket criteria:
Individuals below the age of 60 years (residents and non residents):
2. Senior citizens above the age of 60 but below the age of 80 (residents):
3. Super senior citizens of age 80 and above (residents):
What income tax changes should I know about?
Every year, the income tax slabs and laws undergo changes in keeping with the country’s changing economic status. While the Budget 2019 announcement did not introduce any changes in the income tax slabs and rates, there have been alterations in a few other factors that can determine your income tax payments,such as:
- During previous financial years, the Secondary and Higher Education Cess was levied at 3%. Budget 2018 combined it with the Education cess and termed it the Heath and Education cess, and it currently stands at 4%. It is applicable on all net taxable income.
- Individuals with an income of upto ₹5 lakhs will be eligible to avail a full tax rebate. This means that if your taxable income in the financial year 2019-2020 comes falls under ₹5 lakhs, you will have to pay no income tax.
- Interim budget 2019 increased the standard deduction limit for salaried taxpayers from ₹40,000 to ₹ 50,000.
- The Interim Budget 2019 also raised the TDS threshold on rental income from ₹1.8 lakhs to ₹2.4 lakhs.
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Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
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