3.  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.Life Insurance Premium Calculator

4.  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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