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.
Sole proprietor vs private limited company: A tax guide
2 mins
29.4KSole Proprietorship is the purest business form under which one can operate a business. It is not a legal entity; instead is a person who personally owns the company and is responsible for handling debts.
A private limited company, on the other hand, is a form of a company incorporated under the laws of Companies Act and is a popular form of business entity. Multiple stakeholders control it.
Taxation Rate: Sole Proprietorship
Tax Slab for Proprietors Below 60 Years (Last Day of Previous Year)
Tax Slab for Proprietors Above 60 but Below 80 years of Age (Categorized as Senior Citizens)
Taxation Rate: Private Limited Company
If a Private Limited company makes under ₹400 crores in the previous year, a 25% tax is levied. If their turnover is over ₹400 crores, 30% tax is levied. In addition to this, a slew of new corporate tax cuts was introduced in Budget 2019. Companies can now also opt for the new rates of 22% (for existing companies) and 15% (for new companies). However, doing so will make ineligible for certain deductions and exemptions.
Surcharge: Sole Proprietorship
A surcharge at 10% of tax is applicable if your income lies between ₹50 lakh to ₹1 crore . Upon exceeding ₹1 crore the surcharge will be payable at 15%.
Surcharge: Private Limited Company
For Private Limited Companies that have opted for the new tax rate of 22%/15%, a flat 10% surcharge will be levied. If companies choose to pay taxes at 30/25 per cent (the old system), they'll have to pay 7% surcharge if their net taxable income falls in the 1 crore to 10 crore category, and 12% if it falls in the over 10 crore category.
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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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