Vaibhav 2023 New

A
PROJECT REPORT
On
“A study on Tax planning for individuals and suggesting them the insurance product”
A Summer Internship Project (SIP) done in

“Finance”
Submitted in partial fulfilment of the requirement for the award of degree of

Masters in Management Studies
Submitted by
Vaibhav Balasaheb Gaikwad.
ROLL NO: 2022M081 PRN: 2019016400938947
BATCH: 2022-2024 ACADEMIC YEAR 2023-2024

Under the guidance of
Prof. S. S. Ranjan.
Bharati Vidyapeeth’s
Institute of Management Studies& Research
Navi Mumbai
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ACKNOWLEDGEMENT
First of all, I would like to take this opportunity to thank my college for having projects as
a part of the MMS curriculum.
I wish to express my heartfelt gratitude to the following individuals who have played a
crucial role in the research for the project. Without their active cooperation and
preparation of this project could not have been completed within the specified limit.
I am thankful to “MAX LIFE INSURANCE’’ from where I got the relevant information
regarding my project. I am also thankful to Mr. Sanket sir who provided us all the relevant
information regarding my project.
The project I would like to acknowledge my guide Prof. S. S. RANJAN, of Bharati

Vidyapeeth’s Institute of Management Studies and Research, who supported me
throughout this project with utmost co-operation and patience. I am very much thankful to
you Sir, for sparing your precious and valuable time for me and for helping in doing the
project.
I am also thankful to the director ma’am Dr. ANJALI KALSE, who gave us an opportunity
to make this project in our final year.
Finally, to all my friends who helped me in making this project. I want to thank themfor all
their helps, support, interest and valuable hints.
Signature of the Student
VAIBHAV BALASAHEB GAIKWAD
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Certificate from the company
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CERTIFICATE
This is to certify that the Summer Internship Project (SIP) titled “A study on Tax planning
for individuals and suggesting them the insurance product” is successfully done by Mr.
VAIBHAV BALASAHEB GAIKWAD, Roll No 2022M081 Batch 2022-2024, Academic Year
2023-2024, a student of Bharati Vidyapeeth’s Institute of Management Studies and

Research, Navi Mumbai , submitted in partial fulfilment of MMS -Master of Management
Studies programme affiliated to the University of Mumbai from 15th May 2023 to 14th July
2023 at MAX LIFE INSURANCE.
Date:____________
_____________________ _________________
Prof. S.S. RANJAN Dr. Anjali Kalse
Project Guide Director
BVIMSR BVIMSR
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EXECUTIVE SUMMARY
Executive Summary: Tax Planning for Individuals and Suggested Insurance Products: -
Effective tax planning is essential for individuals to optimize their financial well-being while complying
with tax laws. This executive summary provides an overview of tax planning strategies for individuals
and suggests insurance products that can contribute to their financial security while offering tax benefits.
Tax Planning Strategies for Individuals:
1. Income Tax Optimization: Evaluate various sources of income and assess opportunities to minimize
taxable income. Utilize deductions, exemptions, and credits to reduce the tax liability.
2. Investment in Tax-Efficient Instruments: Invest in tax-efficient financial instruments such as Equity-
Linked Saving Schemes (ELSS), Public Provident Fund (PPF), and National Savings Certificates (NSC)
to benefit from deductions under Section 80C of the Income Tax Act.
3. Health Insurance Deductions: Avail tax deductions by investing in health insurance policies under
Section 80D. Ensure that the coverage suits individual healthcare needs.
4. Life Insurance for Tax Benefits: Life insurance policies, especially term plans, provide financial
protection and qualify for deductions under Section 80C. Consider the insurance coverage amount based
on financial goals and dependents.
5. Home Loan Benefits: Homebuyers can benefit from deductions on both the principal amount (Section
80C) and interest paid (Section 24) on home loans.
Suggested Insurance Products for Tax Planning:
1. Term Life Insurance: Term life insurance offers pure protection and significant tax benefits under
Section 80C. It provides a high coverage amount at an affordable premium, ensuring financial security
for family members.
2. Health Insurance: Health insurance policies not only safeguard against medical expenses but also offer
tax deductions under Section 80D. Evaluate the coverage amount to meet potential healthcare costs.
3. ULIPs (Unit-Linked Insurance Plans): ULIPs combine insurance with investment, offering tax benefits
under Section 80C. They allow policyholders to invest in various funds while enjoying life coverage.
4. Pension Plans (NPS): National Pension Scheme (NPS) contributions qualify for deductions under
Section 80CCD (1) and 80CCD (2). NPS helps individuals build a retirement corpus while saving on
taxes.
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TABLE OF CONTENTS
PARTICULARS PAGE
NO:
Acknowledgement 2
Certificates 3
Executive Summary 5
Table of Contents
Particulars Page No.

Chapter1: Introduction of the Project 7 TO 8
1.1: Concept, Significance & Need of the Study 9 TO 10
1.2: Objective of the Study 11 TO 12
1.3: Introduction to the topic 13 TO 33
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Chapter 2: Introduction to Automobile Industry 35 TO 40
2.1: Overview of Automobile Industry
Chapter3: Introduction to the Company 41 TO 52
Chapter 4: Research and Methodology 53 TO 54
Chapter 5: Data Analysis and Interpretation 55 TO 59
Chapter 6: Conclusion and scope of the study 60 TO62

6.1: Conclusion 60
6.2: Suggestion 61
6.3: Conclusion 62
Chapter 7: Learnings from the project 63

Questionnaire 64 TO 65
Bibliography 65
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Chapter 1: INTRODUCTION TO THE PROJECT
The insurance industry plays a pivotal role in modern economies by providing financial protection against
various risks, promoting economic stability, and fostering investments. This project report aims to
provide a comprehensive analysis of the insurance sector, its significance, evolution, and current trends.
We will delve into the various types of insurance, key players in the industry, regulatory frameworks, and
the impact of technology on insurance services. By the end of this report, readers will have a holistic
understanding of the insurance sector and its vital role in contemporary society.
❖ The History of Insurance
Insurance, in its various forms, has existed for centuries. The concept of risk pooling can be traced back
to ancient civilizations like Babylon and China. However, modern insurance as we know it began to take
shape in the late 17th century with the establishment of Lloyd's of London, a marketplace for maritime
insurance. Over time, insurance evolved to cover a wide array of risks, including life, health, property,
and liability.
❖ Types of Insurance
Insurance can be categorized into several types based on the risks they cover. Life insurance provides
financial security to beneficiaries upon the insured's death. Health insurance covers medical expenses,
while property insurance safeguards against damage or loss of property. Liability insurance protects
against legal claims. Additionally, there are specialized insurance products like auto insurance, travel
insurance, and pet insurance, tailored to specific needs.
❖ Indian Insurance Sector Key Players
Insurance can be categorized into several types based on the risks they cover. Life insurance provides
financial security to beneficiaries upon the insured's death. Health insurance covers medical expenses,
while property insurance safeguards against damage or loss of property. Liability insurance protects
against legal claims. Additionally, there are specialized insurance products like auto insurance, travel
insurance, and pet insurance, tailored to specific needs.
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❖ Regulatory Framework
Insurance is highly regulated to protect policyholders and maintain financial stability. In the United
States, for instance, insurance companies are regulated at both the federal and state levels. Regulatory
bodies establish solvency requirements, consumer protection standards, and market conduct rules. These
regulations vary by region, reflecting the unique insurance landscape of each country.
❖ Impact of Technology
Technology has revolutionized the insurance industry. Insurtech, a fusion of insurance and technology,
has led to improved customer experiences through digital platforms and mobile apps. Big data analytics
allows insurers to assess risk more accurately, while artificial intelligence streamlines claim processing.
Blockchain technology enhances transparency and security in the industry, particularly in the
management of contracts and claims. Telematics and IoT devices enable usage-based insurance, tailoring
premiums to individual behaviour. The ongoing digitization of insurance services is reshaping customer
interactions, underwriting processes, and risk assessment.
The insurance sector is a cornerstone of modern economies, providing individuals and businesses with
financial protection against unforeseen risks. Its historical evolution, diverse types, and the influence of
technology make it a dynamic and evolving industry. This project report has provided a foundational
understanding of the insurance sector, its historical context, key players, regulatory environment, and
technological advancements. As the industry continues to evolve, it is imperative for insurers to embrace
innovation and adapt to changing customer needs and market dynamics. In subsequent sections, we will
delve deeper into these facets of the insurance industry, offering a more comprehensive analysis.
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1.1: Concept of the Study
Introduction: -
The introduction provides an overview of the study's focus, which is to analyse and evaluate the
feasibility and potential success of a proposed life insurance project. It explains the importance of life
insurance in individuals' financial well-being and sets the context for the study.
Background and Context: -

This section delves into the background of the life insurance industry, its historical evolution, and its role
in contemporary society. It discusses the current market landscape, trends, and regulatory framework. It
also highlights the need for innovative life insurance products to meet evolving customer needs.
Market Analysis: -
Provide a detailed analysis of the life insurance market, including its size, growth potential, and
segmentation. Explore customer demographics, preferences, and behaviours. Identify key competitors
and their market share. This section sets the stage for the proposed project.
Project Proposal: -
Lay out the specifics of the life insurance project being studied. This should include details about the
types of insurance products, target market segments, pricing strategies, and distribution channels.
Financial Feasibility: -
Discuss the financial aspects of the project. Present revenue projections, cost estimates, and profit
margins. Use financial modelling to evaluate the project's feasibility over a defined period.
Risk Assessment: -
Identify and assess potential risks associated with the life insurance project. These may include regulatory
changes, competition, underwriting risks, and economic uncertainties. Discuss strategies for mitigating
these risks.
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Based on the study's findings, provide well-considered recommendations for the project's success. These
could encompass marketing strategies, product enhancements, risk management measures, and
operational improvements.
Summarize the key findings and insights from the study. Emphasize the project's potential to thrive in
the competitive life insurance market and its contribution to the financial well-being of customers.
Implications and Future Considerations: -

Discuss the broader implications of the study's findings for the life insurance industry and financial
services sector as a whole. Consider how emerging trends and technologies might impact the project in
the future.
Include a list of all the sources, reports, and data references used in the study.
A comprehensive study on a life insurance project serves as a critical tool for decision-makers considering
entry or expansion in the life insurance market. It combines in-depth market analysis, financial feasibility
assessment, risk evaluation, and strategic recommendations to provide a holistic view of the project's
potential. Such a study informs stakeholders about the viability and opportunities within the life insurance
industry, ultimately contributing to informed and successful business decisions.
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1.2: Objective of the Study
1. Rationale for the Project: -

The report should begin by outlining the reasons and motivations behind undertaking the life insurance
project. This includes identifying the gaps or opportunities in the market that the project aims to address.
It may also discuss the social and economic significance of providing life insurance services.
2. Market Analysis and Feasibility: -

One of the primary objectives of the report is to conduct a comprehensive market analysis. This includes
assessing the current state of the life insurance industry, its size, growth potential, and competitive
landscape. It should delve into consumer demographics, preferences, and emerging trends. The report
should also evaluate the project's feasibility in the context of the market, highlighting how the proposed
insurance products meet the needs of potential customers.
3. Financial Viability: -
A crucial aspect of the report is to evaluate the financial viability of the life insurance project. This
involves creating financial projections, estimating initial costs, analysing revenue streams, and assessing
profitability over a specified period. Financial modelling and sensitivity analysis may be used to
determine if the project is financially sustainable.
4. Risk Assessment: -
Identifying, analysing, and mitigating risks associated with the project is another key objective. Potential
risks could include regulatory changes, competition, economic fluctuations, and underwriting risks. The
report should outline strategies and contingency plans to address these risks and ensure the project's
resilience.
5. Strategic Recommendations: -
Based on the findings and analysis, the report should offer a set of well-considered strategic
recommendations. These recommendations could encompass marketing strategies, product development,
pricing strategies, distribution channels, and operational improvements. The goal is to provide a roadmap
for the successful implementation and growth of the life insurance project.
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6. Social and Economic Impact: -
Examine the potential social and economic impact of the life insurance project. Consider how it
contributes to financial security for individuals and families, fosters economic growth, and promotes
financial inclusion. This section highlights the broader significance of the project beyond its financial
aspects.
7. Sustainability and Ethical Considerations: -

Discuss the project's sustainability practices and ethical considerations. Consider factors such as
responsible underwriting, transparency, and adherence to ethical standards. Assess how these factors
contribute to the long-term success and reputation of the project.
9. Appendices: -
Include any additional data, charts, tables, or supplementary information that supports the findings and
analysis presented in the report.
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1.3 Introduction to the Tax Planning and Suggesting Insurance Plan
Meaning of income tax: -
Income Tax Act, 1961 governs the taxation of incomes generated within India and of incomes
generated by Indians overseas. This study aims at presenting a lucid yet simple understanding
of taxation structure of an individual’s income in India for the assessment year 2019-20
The Income Tax is the annual charge levied on the income viz. Salary, wage, commission,
dividend, bonus, etc. of an individual, company or a firm. For each assessment year, the rate
of tax levied on different income levels, as prescribed in the slab, is defined in the Union
Budget (Finance Act).
In India, the income tax is charged annually at the end of each financial year (April – March).
It is the main source of Income for the Government that is essential to maintain the deficits
and the optimum cash flow in the money market. There are different tax rates for different
income levels onthe basis of which the tax amount is computed. There is a minimum cap on
income beyond which the tax is calculated.
Income tax refers to annual taxes levied by the federal government and most state governments
on individual and business income. By law, businesses and individuals must file federal and
state income tax returns every year to determine whether they owe taxes. Governments use the
taxes theycollect to fund their activities.
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Defining Income: -
Income tax is a certain percentage of your income that you have to pay regularly to
the government. Income has been very widely defined in the Income-tax Act. In simple words,
income includes salary, pension, rental income, profits out of any business or profession, any
profit made out of the sale of any specified asset, interest income, dividends, royalty income
etc.
The law classifies income under 5 major heads as already mentioned above.
• Salary Income
• House Property income
• Profits and Gains from Business or Profession
• Capital Gains
• Income from other Sources
The law also allows a taxpayer to claim deductions specific to each such income and hence to
availthe appropriate deductions, it is important that you classify income under the right heads.
E.g., A salaried taxpayer can claim a standard deduction of Rs 40,000 while a taxpayer having
rental income from a flat can claim municipal taxes as a deduction.
Income Tax Act, 1961 is the guiding baseline for all the content in this report and the tax saving
tips provided herein are a result of analysis of options available in current market. Every
individual should know that tax planning in order to avail all the incentives provided by the
Government of India under different statures is legal.
Few Common Deductions are:
• Public Provident Fund (PPF)
• Life insurance premium
• Medic Claim insurance
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• Tuition fees for child education
• Contribution to NPS
• Tax Saver Fixed Deposit (FD)
• Health insurance premium
• Investments made under The Rajiv Gandhi Saving Scheme
• Home loan repayment, etc.

Who pays Income Tax
According to the Indian Income-tax Act, 1961, the following parties are liable to pay the
income tax, provided their annual income falls into one of the income slabs as prescribed in
the Act:
• Individuals Salaried person

• Hindu Undivided Families (HUFs),
• Companies
• Firms
• Association of persons
• Body of individuals
• Local authority
Hence, every individual falling in any of the above-mentioned categories must pay income tax
which is used by the government for the betterment of the society.
Tax planning is an act with in the four corners of the Act and it is not a colorable device to
avoid thetax. Thus, if a person takes the advantage of the deductions and rebates, he not only
reduces his tax liability, but also helps in achieving the objectives of the legislature, which is
lawful, social and ethical. Tax planning involves in every case a thorough and up-to-date
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knowledge of tax laws. Not only is an up - to - date knowledge of the statute law necessary,
but one must also be aware of the judge-made laws in the form of various decisions of the
Courts. One of the best methods to study tax planning is through the case law. The judgments
of the Supreme Courts and various High Courts reveal instances of successful and unsuccessful
tax planning. The judgments touch up on various provisions of tax laws and their application
to different situations. The question of interpretation of law can also have a bearing on the
success or failure of tax planning. The circulars issued by the Central Board of Direct Taxes
from time to time will be of much use to the tax payers. Moreover, a sound method of tax
planning should be carefully chartered after considering that whatever is done is not only
strictly within the frame work of law but is also in consonance with the legislative intentions
and should sound sensible to any reasonable person.
Tax planning may be defined as an arrangement of one’s financial affairs in such a way that
without violating in any way the legal provisions, full advantage is taken of all exemptions,
deductions, concessions, rebates, allowances and other reliefs or benefits permitted under the
Act so that the burden of taxation, as far as possible, is the least. Tax planning may, therefore,
be regarded as a method of intelligent application of expert knowledge while planning one’s
affairs with a view to securing the consciously provided tax benefits on the basis of national
priorities in keeping with the legislative and judicial opinion. Tax planning is neither tax
evasion nor tax avoidance. It is the scientific planning of one’s financial affairs in such a way
as to attractminimum liability to tax or postponement of the tax liability for the subsequent
period by availingof various incentives, concessions, allowances, rebates and reliefs provided
for, in the context of existing tax laws.
The Basic Principles Income Taxes
To implement that objective, all of the following basic principles are applied: -
While tax rules vary widely, there are certain basic principles common to most income tax
systems. Tax systems in Canada, China, Germany, Singapore, the United Kingdom, and the
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United States, among others; follow most of the principles outlined below. Some tax systems,
such as India, may have significant differences from the principles outlined below. Most
references below are examples; see specific articles by jurisdiction.
Taxpayers and rates Residents and nonresidents
Defining income Deductions allowed
Business profits Credits
Alternative taxes Administration
State, provincial, and local Wages based taxes
Taxes for Salaried Individuals: -
As soon as the filing season begins, salaried class are in a frenzy about taxes they must shell
out forthe said financial year. It is important to understand your tax slab and what each of your
salary breakup component means. This can help you figure out how to save on taxes. If you
want to understand your salary components or want to learn how you can save tax on your
salary income, this guide is for you.
1. Basic Salary
This is a fixed component in your paycheck and forms the basis of other portions of your
salary, hence the name. For instance, HRA is defined as a percentage (as per the company’s
discretion) of this basic salary. Your PF is deducted at 12% of your basic salary. It is usually
a large portion of your total salary.
2. House Rent Allowance
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Salaried individuals, who live in a rented house/apartment, can claim house rent allowance or
HRAto lower tax outgo. This can be partially or completely exempt from taxes. The income
tax laws have prescribed a method for computing the HRA that can be claimed as an
exemption. Also do note that, if you receive HRA and don‟t live on rent your HRA shall be
fully taxable.
3. Leave Travel Allowance
Salaried employees can avail exemption for a trip within India under LTA. The exemption is
only for the shortest distance on a trip. This allowance can only be claimed for a trip taken
with your spouse, children, and parents, but not with other relatives. This particular exemption
is up to the actual expenses, therefore unless you actually take the trip and incur these
expenses, you cannot claim it. Submit the bills to your employer to claim this exemption.
4. Bonus
The bonus is usually paid once or twice a year. Bonus, performance incentive, whatever may
be its name, is 100% taxable. Performance bonus is usually linked to your appraisal ratings or
your performance during a period and is based on the company policy.
5. Employee Contribution to Provident Fund (PF)
Provident Fund or PF is a social security initiative by the Government of India. Both employer
and employee contribute a 12% equivalent of the employee’s basic salary every month toward
employee’s pension and provident fund. An interest of about 8.55% from FY 2017-18 (earlier
it was 8.65%) gets accrued on it. This is a retirement benefit that companies with over 20
employees must provide as per the EPF Act, 1952.
6. Standard Deduction
Standard Deduction has been reintroduced in the 2018 budget. This deduction has replaced
the conveyance allowance and medical allow acne. The employee can now claim a flat Rs.
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40,000 deductions from the total income, thereby reducing the tax outgo.
7. Professional Tax
Professional tax or tax on employment is a tax levied by a state, just like income tax which is
leviedby the central government. The maximum amount of professional tax that can be levied
by a state is Rs 2,500. It is usually deducted by the employer and deposited with the state
government. In your income tax return, professional tax is allowed as a deduction from your
salary income.
Basics of Income Tax
1. Income Chargeable to Tax
As per Income Tax Act, 1961, income tax is charged for any assessment year at prevailing
rates in respect of the total income of the previous year of every person. Previous year means
the financial year immediately preceding the assessment year.
Your income is not equal to your salary. You could earn income from several other sources
other than your salary income. Your total income, according to the Income Tax Department,
could be from house property, profit or loss from selling stocks or from interest on a savings
account or on fixed deposits. All these numbers get added up to become your gross income.
Income from Salary All the money you receive while rendering your job as
a result of an employment contract
Income from house property Income from house property you own; property can be
self-occupied or rented out.
Income from other sources Income accrued from fixed deposits and savings
account come under this head.
Income from capital gains Income earned from the sale of a capital asset (mutual
funds or house property).
Income from business and Income/loss arising as a result of carrying on a business

profession or profession. Freelancers’ income come under this
head.
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Tax Rates Add up all your income from the heads listed above. This is your gross total income.
From your gross total income, deductions under Section 80 are allowed to be claimed. The
resulting number is the income on which you have to pay tax. Clear Tax’s app lets you determine
your tax refund or dues for the year. Your tax is calculated as per the slabs mentioned below.
Income Tax Rates for taxpayers under 60 years of age in FY 2023-24.
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Tax Slabs for AY 2023-24
For Individual (resident or non-resident) less than 60 years of age anytime during the previo
Old Tax Regime
Income Tax Slab Income Tax Rate
Up to ₹ 2,50,000 Nil
₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001 - ₹ 10,00,000 ₹ 12,500 + 20% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,12,500 + 30% above ₹

10,00,000
New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate
Up to ₹ 2,50,000 Nil
₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001 - ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
₹ 7,50,001 - ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001 - ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001 - ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000
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2. TDS on Salary
TDS is tax deducted at source. Your employer deducts a portion of your salary every month
and pays it to the Income Tax Department on your behalf. Based on your total salary for the
whole yearand your investments in tax-saving products, your employer determines how much
TDS has to be deducted from your salary each month. For a salaried employee, TDS forms a
major portion of an employee’s income tax payment. Your employer will provide you with a
TDS certificate called Form 16 typically around June or July showing you how much tax was
deducted each month. Your bank may also deduct tax at source when you earn interest from a
fixed deposit. The bank deducts TDS at 10% on FDs usually. A 20% TDS is deducted when
the bank does not have your PAN information.
3. Form 26AS. Form 16
Form 16 is a TDS certificate. Income Tax Department mandates all employers to deduct TDS
on salary and deposit it with the government. The Form 16 certificate contains details about
the salary you have earned during the year and the TDS amount deducted. It has two parts –
Part A with details about the employer and employee name, address, PAN and TAN details
and TDS deductions. Part B includes details of salary paid, other incomes, deductions allowed,
tax payable.
4. Form 26AS
Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is
provided by the Income Tax Department. It shows details of tax deducted on your behalf by
deductors, details on tax deposited by taxpayers and tax refund received in the financial year.
This form can beaccessed from the IT Department’s website.
5. Deductions
The lower your taxable income, the lower taxes you ought to pay. So be sure to claim all the
tax deductions and benefits that apply to you. Section 80C of the Income Tax Act can reduce
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your gross income by Rs 1.5 lakhs. There are a bunch of other deductions under Section 80
such as 80D, 80E, 80GG, 80U etc. that reduce your tax liability.
Income Tax Payment
The Government collects income tax from three channels:
• TDS
• Advance tax
• Self-Assessment tax
1. TDS
• TDS exists to help government get tax throughout the year. There’s a prescribed table
on how much tax deducted under what circumstances.
• Your employer cuts TDS based on the information available to him about you. So, if
you’ve made investments, but have not declared or if you live in a rented house, but
have not sharedrent receipts, your finance department will have no choice but to deduct
tax based on only thing they know – your CTC.
• This is why the investment proofs deadline in your office is super important. Save
yourself some headache and submit your investment proofs on time.
• Banks don’t know if you’re working in a company or if income from fixed deposits is
whatyou solely rely on. So, they deduct a standard 10% tax before they give away the
interest. Now if you fall in the 20% or 30% bracket, it’s on you to pay the remainder of
the income tax. That’s why sometimes you may find yourself paying some tax at the
time of filing a taxreturn.
• Make sure banks have your PAN number. They deduct 20% tax if they don’t have your
PAN in their records.
• Anyone who’s receiving an income of a specified nature say salary, interest,
commission, rent, professional income etc. will have some percentage of tax withheld
as prescribed by the government.
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2. Advance Tax
Self-employed people must do the calculation themselves and pay the tax to the Government
periodically every quarter. The deadlines are:
On or before Advance Tax Payable
15th June 15% of net tax payable
15th September 45% of net tax payable
15th December 75% of net tax payable
15th March 100% of net tax payable
To calculate your advance tax:
• Add up all the invoices received and include future payments you will be receiving
till March 31 to estimate your taxable income.
• Deduct expenses directly related to your business, and any investments you have
madeunder Section 80C in order to arrive at your taxable income.
• Determine your tax liability for the year
• Reduce the Tax already deducted at source from your tax liability as determined above
• If the remaining tax payable is greater than Rs 10,000 you will have to pay advance
taxesbased on the rates prescribed in the above table.
• Use the Income Tax Calculator to determines your tax liability.
3. Self-Assessment Tax
When you are filing a tax return and you find out that you need to pay additional tax, you’d
be paying self-assessment tax. Another way to think about this would be.
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• if you are paying tax for a financial year after the deadline has ended, you will pay
self-assessment tax.
• if you are paying tax for a financial year during the financial year, you will pay advance
tax.
➢ Payment of TDS Advance Tax and Self-Assessment Tax:
TDS is deducted by the payer himself and remitted to the government by him. Hence the
taxpayer need not worry about this part of his tax liability. As regards advance tax and self-
assessment tax, the same can be discharged online using Challan 280. Read our detailed guide
on payment of taxes online.
Income Tax Glossary
Form 26AS
Form 26AS is a tax summary statement that contains all the tax payments you’ve made
yourself (self-assessment tax/ advance tax) or tax someone deducted (TDS) on your behalf.
You’re going to need this document when you are doing your income tax e-filing. Form 26AS
can be downloaded from www.incometaxindiaefiling.com
Form 16
If you need to know whether or not your company has given you some tax allowance like your
offerletter says, or want to see how much tax has been deducted throughout the year, or need
to see EPF contributions, wouldn’t it be easier if you could see them all in one place? That’s
your Form 16. Form 16 has:
• a summary of all the tax deducted by each quarter

• all the tax benefits and allowances you’ve availed as a salaried individual
• Section 80C deductions you’ve claimed through your employer
• and your taxable income after allowances and Section 80C deductions
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This is a super important document for all salaried individuals. And having a Form 16 makes
e- filing your income tax return very simple. You can upload your Form 16 and e-file your
income taxreturn. No income tax login required.
Form 16A
Form 16A is very similar to a Form 16 in that it contains how much tax was deducted over
what income. So, how’s Form 16A different? Form 16A will never be issued by an employer.
They’re usually given to you by a bank that’s deducting TDS, or a company that’s deducted
tax on your freelancing service.
Investment submission proof deadline
Depending on how large your company is, you might have two deadlines related to investment
proofs. There’s one in the beginning of the year (April) that needs you to just declare how
much money you’re planning to invest in Section 80C. This will give an indication on how
much they need to deduct in TDS. Again, in the last quarter (roughly between December and
February), you will be asked to submit investment proofs. This is when you need to submit all
your rent receipts, medical bills (if you’re getting medical reimbursement), investments under
Section 80C, 80D.
Assessment Year/ Financial Year
Financial Year runs between April 1 and March 31 of each year. Income tax is calculated for
this period. Income tax returns are assessed the year after the financial year has finished. So
that’s your Assessment Year. During the assessment year, taxpayers file their income tax
return. Income tax return and refunds are processed by the I-T Department that year.
ITR-V
ITRV stands for Income Tax Return – Verification. After filing your tax return online, you
must print and sign a 1-page document and send it to the Income Tax Department.
26
Challan 280
Challan 280 is the slip that you will use for online income tax payment. Follow this guide to
learn how to pay tax due. This is the link to the Income Tax Department website. If you are a
taxpayer, you’re going to need to use for:
• Getting your tax credit statement Form 26AS

• Getting your tax records for home loan or visa application
• Verifying your income tax return after ITR submission
DECDUCTION FORM TAXABLE INCOME: -
Section 80C
Government wishes to encourage some types of expenses and investments. In order to realize
this goal, it has given the advantage of income tax exemption. Subsequently, we have several
investments as well as expenses offered by section 80C, 80CCC and 80CCD. On the other
hand, thetotal deduction in this section is only up to Rs 1.5 Lakh.
• Employee Provident Fund
• Pension/ Annuity Schemes
• Life insurance premium
• Tax Saving mutual fund (ELSS)
• Home loan principal payment
• Sukanya Samriddhi Account
• Tuition fees for children
• PPF Account Contribution
• National Saving Certificate
• Tax-saving fixed Deposit
• Post office time deposits
Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)
27
RGESS scheme entitles the policyholder to save extra tax. To get leverage from this
advantage, you need to be investing your money in the share market for the first time.
Moreover, the annual income needs to be less than Rs 10 Lakh. Therefore, you can invest
around Rs 50,000 in this scheme The income tax exemption is applicable to 50% of the
investments you make. Therefore, if the person invests around Rs 50,000, then the tax
deduction will be of Rs 25,000 only.
Section 80D: Medical Insurance Deduction
This scheme is a good opportunity that helps an individual save tax for an income that exceeds
1.5 Lakh. Thus, everyone must use this golden opportunity to save tax. Though the income tax
slab has not changed, the limit under section 80D was increased. This is described in Section
80D. As per section 80D, the income tax exemption is applicable for those who have taken a
medical insurance for themselves, family as well as their parents.
Section 80DD: Income Tax Exemption for Maintenance of Disable Dependent
This section offers an additional income tax exemption of about Rs 50,000. Following are the
conditions that you need to fulfil in order to avail the benefits of this section:
1. You must be the guardian of a differently abled individual. That person can be
physically or mentally disabled.
2. You have to give a certificate from an authorized medical practitioner.
3. All the expense arising from the rehabilitation, training treatment, and nursing.
Therefore, any amount deposited under any scheme taken for the differently abled
dependent will be entitled to income tax exemption. Deductions of about Rs 1, 00,000
can be claimed if the dependent is suffering from any severe disability.
Section 80DDB: Serious Ailment Deduction
This deduction is primarily for those who need to get treatment for serious disease. As per this
section, a person can avail a deduction of Rs 40,000 against their income tax
1. The deduction is applicable to the expenditure made to treat a disease of self or
28
someone dependent.
2. There is a prescribed list of diseases that are covered.
3. The expense made should be real. Reimbursements of claims get subtracted.
4. Certificate for the illness must be from a government doctor.
5. 80,000 is the deduction limit for senior citizens.
Section 80E: Deduction on Loan for Higher Studies
1. An education loan can be taken from any financial institution.

2. The tax deduction can be availed for up to 7 years.
3. The advantage of this facility can be utilized only in case of higher education.
4. The benefit can be utilized only for the person or his spouse/children. Even the legal
guardian ofthe scholar can reap the benefit of income tax exemption.
Section 80G: Deduction for Donations
The donations mentioned in Section 80G are entitled to income tax exemption. The deductions
varydepending on the kind of receiver, which means that it may be 100% or 50% of the donation
made.
Section 80GG: Deduction on House Rent
• Rent is less than 10% of salary.

• 5000 per month, i.e., Maximum Deduction is 60,000.
• 25% of the whole income.
There are a few clauses to receive this benefit.
29
• The employer or his partner or minor child must not possess an accommodation in the
citythey are working in.
• House rent allowance (HRA) must not be provided by the employee.
• The employee must not possess any self-occupied residential location in any place.
Section 80TTA: Saving Account Interest Deduction
If the yearly taxable income is less than Rs 10,000, then the interest received on the saving
accountis not counted in the taxable income.
Section 80U: Deduction for Disabled
As per section 80U, anyone suffering from a disability is eligible to get an extra income tax
exemption from their taxable income. In such cases, Rs 50,000 can be deducted from their
taxable income. Moreover, in the case of severe disabilities, the deductions can even be Rs 1,
00,000. To get the benefits from this deduction, one needs to get a certificate from a doctor
who works in a government hospital.
Income Tax Slab for the Financial Year 2023 -24
1. Income Tax Act, 1961 – The provisions of income tax are contained in the Income Tax Act,
1961 which extends uniformly to the whole of India and has been effective since 1962.
The act contains provisions for determining taxable income, tax liability, procedure
for assessment of penalties, etc.
2. Annual Amendments – Since the Income Tax Act is a revenue law, it requires
amendmentswhenever the government wants to make changes in it. Under the annual
amendment of existing revenue generation requirements, the Government proposes its
finance bill, which directly decides the threshold limits for various tax rates which are
commonly referred to as Income Tax.
3. Income – Income in broad terminology is defined as any receipt in the form of money
or money’s worth which occurs with a certain regularity or expected regularity from a
definitesource.
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Income Tax Slab for the Financial Year 2023 - 24
As per the union budget of 2018, below are the various slabs according to which income tax is
assessed in various categories.
Resident Individuals & Non-Resident Indians
Income Threshold Tax rate applicable

Up to ₹ 2,50,000 NIL
₹ 2,50,000 to ₹ 5,00,000 5%
₹ 5,00,000 to ₹ 10,00,000 20%
Over ₹ 10,00,000 30%
Additional Components: -
• Surcharge: In case income is more than ₹ 50 lakhs and less than ₹ 1 crore, the surcharge
is applicable at a rate of 10% of the income tax. For income more than ₹ 1 crore, a
surcharge of 15% is applicable on income tax on the amount exceeding ₹ 1 crore
• Health and Education Cess: “Education Cess” and “Secondary and Higher Education
Cess” will be replaced by “Health and Education Cess” at the rate of 4%, on the amount
of tax computed, inclusive of surcharge.
Hindu Undivided Families (HUFs)
Up to ₹ 2,50,000 Nil
₹ 2,50,000 to ₹ 5,00,000 5%
₹ 5,00,000 to ₹ 10,00,000 20%
Over ₹ 10,00,000 30%
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Additional Components: -
surcharge of 15% is applicable on income tax on the amount exceeding ₹ 1 crore
Associations of Persons, Bodies of Individuals and Other Artificial JudicialPersons
Up to ₹ 2,50,000 Nil
₹ 2,50,000 to ₹ 5,00,000 5%
₹ 5,00,000 to ₹ 10,00,000 20%
Over ₹ 10,00,000 30%
Additional Components
surchargeof 15% is applicable on income tax on the amount exceeding ₹ 1 crore.
• Education Cess: Extra 2% is applicable on the income tax amount plus applicable surcharge.
• Secondary& Higher Education Cess: Extra 1% is applicable on the income tax plus
surcharge applicable for all tax payers.
32
Senior Citizens: -
Up to ₹ 3,00,000 Nil
₹ 3,00,000 to ₹ 5,00,000 5%
₹ 5,00,000 to ₹ 10,00,000 20%
Over ₹ 10,00,000 30%
surchargeof 15% is applicable on income tax on the amount exceeding ₹ 1 crore.
Super Senior Citizens
Up to ₹ 5,00,000 No tax
₹ 5,00,000 to ₹ 10,00,000 20%
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₹ 10,00,000 30%
surchargeof 15% is applicable on income tax on the amount exceeding ₹ 1 crore
34
Chapter 2: Introduction to Insurance Industry
❖ BACKGROUND
Insurance is a means of protection from financial loss. It is a form of risk management primarily
used to hedge against the risk of a contingent, uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, or insurance

carrier. A person or entity who buys insurance is known as an insured or policyholder. The
insurance transaction involves the insured assuming a guaranteed and known relatively small loss
in the form of payment to the insurer in exchange for the insurer's promise to compensate the
insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible
to financial terms, and must involve something in which the insured has an insurable interest
established by ownership, possession, or preexisting relationship.
The insured receives a contract called the insurance policy, which details the conditions and
circumstances under which the insured will be financially compensated. The amount of money
charged by the insurer to the insured for the coverage set forth in the insurance policy is called the
premium. If the insured experiences a loss which is potentially covered by the insurance policy,
the insured submits a claim to the insurer for processing by a claim adjuster.
Meaning of Insurance:
Insurance is a policy from a large financial institution that offers a person, company, or other entity
reimbursement or financial protection against possible future losses or damages.
❖ Definition of Insurance:
Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of

compensation for specified loss, damage, illness, or death in return for payment of a specified
premium.
35
2.1: (Major players in the industry, Competitor Analysis, Market Share, Current scenario)
• Major players in life insurance industry
1. HDFC Life Insurance Company Limited: HDFC Life is one of the leading private life insurers in
India. It offers a wide range of life insurance and investment products.
2. ICICI Prudential Life Insurance Company Limited: ICICI Prudential is a joint venture between
ICICI Bank and Prudential Corporation Holdings Limited. It is known for its diverse portfolio of life
insurance solutions.
3. SBI Life Insurance Company Limited: SBI Life is a joint venture between State Bank of India
(SBI) and BNP Paribas Card if. It is among the largest private life insurers in India.
4. Max Life Insurance Company Limited: Max Life is a joint venture between Max Financial Services
Limited and Mitsui Sumitomo Insurance Company Limited. It provides a range of life insurance
products.
5. Bajaj Allianz Life Insurance Company Limited: Bajaj Allianz Life is a collaboration between Bajaj
FinServ Limited and Allianz SE. It offers a variety of life insurance and investment options.
6. Reliance Nippon Life Insurance Company Limited: Reliance Nippon Life is part of the Reliance
Capital Group and is known for its innovative life insurance products.
Public Sector Life Insurance Companies:
1. Life Insurance Corporation of India (LIC): LIC is the largest and oldest life insurance company in
India. It is a government-owned corporation and holds a significant market share.
2. HDFC Ergo Life Insurance Company Limited: This is a joint venture between HDFC Ltd. and
ERGO International AG. It offers life insurance products and is a notable player in the industry.
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3. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited: This is a
collaboration between Canara Bank, HSBC Insurance (Asia Pacific) Holdings Limited, and Punjab
National Bank. It provides life insurance and pension solutions.
4. Bharti AXA Life Insurance Company Limited: Bharti AXA Life is a joint venture between Bharti
Enterprises and AXA Group. It offers a range of life insurance policies.
5. India First Life Insurance Company Limited: This company is a collaboration between two public
sector banks, Bank of Baroda and Andhra Bank, along with Legal & General. It focuses on providing
affordable life insurance solutions.
6.Star Union Dai-Ichi Life Insurance Company Limited: This is a joint venture between Bank of India,
Union Bank of India, and Dai-Ichi Life Insurance Company, Limited. It offers life insurance products
and services.
• Competitor analysis on life insurance

1. Identification of Competitors:
- List major life insurance companies in India, both public and private, including LIC, HDFC
Life, ICICI Prudential, SBI Life, Max Life, Bajaj Allianz, and others.
2. Market Share and Positioning:

- Analyze the market share and positioning of each competitor. Determine who holds the largest
market share and how others rank.
3. Product Portfolio
- Examine the range of life insurance products offered by each competitor. Are they focused on
term insurance, endowment plans, ULIPs (Unit Linked Insurance Plans), or a mix of products?
4. Distribution Channels:
- Evaluate the distribution channels utilized by competitors, such as agency networks,
bancassurance (bank tie-ups), digital platforms, and direct sales.
37
5. Geographic Presence:
- Assess the geographic reach of each competitor. Do they primarily operate in specific regions,
or do they have a pan-India presence?
6. Financial Performance:
- Analyze the financial performance of competitors, considering metrics like total premium
income, assets under management, and net profit.
7. Customer Base
- Investigate the demographic and psychographic characteristics of the customer base for each
competitor. Are they targeting specific customer segments, such as young professionals, families,
or retirees?
8. Brand and Reputation:

- Examine the brand reputation and customer perception of each competitor. Are they known
for reliability, customer service, or innovative products?
9. Pricing Strategies:
- Analyse the pricing strategies employed by competitors. Do they offer competitive premiums,
high returns, or value-added features?
10. Marketing and Advertising:

- Review the marketing and advertising strategies of each competitor. How do they promote
their products and connect with customers through various media channels?
11. Technology and Innovation:

- Explore the use of technology and innovation by competitors. Are they adopting digital
underwriting, AI-driven customer service, or online policy issuance?
38
12. Regulatory Compliance:
- Assess how well competitors comply with regulatory requirements in India, including IRDAI
(Insurance Regulatory and Development Authority of India) guidelines.
13. Customer Service and Claims Processing:

- Evaluate the quality of customer service, claims processing, and grievance redressal offered
by competitors. Do they have efficient and transparent claims settlement processes?
14. SWOT Analysis:

- Summarize the strengths, weaknesses, opportunities, and threats (SWOT) of each competitor.
This provides a concise overview of their strategic position.
15. Competitive Advantages:

- Identify the unique competitive advantages that each competitor possesses. This could include
a strong distribution network, digital capabilities, or innovative product feature.
16. Key Success Factors:

- Determine the factors that contribute most to the success of each competitor. Is it their product
diversification, distribution network, or customer-centric approach?
17. Future Strategies and Challenges:

- Predict the future strategies competitors may employ and the challenges they might face.
Consider factors like changing customer preferences and regulatory changes.
18. Recommendations:
- Based on the analysis, provide recommendations for your own company or project. Highlight
areas where you can capitalize on competitors' weaknesses or align with market trends.
39
• Market shares in life insurance
Life Insurance Corporation of India (LIC): LIC held the dominant position in the Indian life
insurance market, with a substantial market share, typically around 66-70% of the total market.
Private Sector Life Insurance Companies:
Among private sector life insurers, the market shares were distributed among several key players:
1. HDFC Life Insurance Company Limited: HDFC Life was one of the leading private life
insurers, with a significant market share, often ranking second among private players.
2. ICICI Prudential Life Insurance Company Limited: ICICI Prudential Life was another
prominent private sector player, consistently ranked among the top private life insurers in terms
of market share.
3. SBI Life Insurance Company Limited: SBI Life, a joint venture between SBI and BNP Paribas
Card if, was one of the fastest-growing private life insurers, with a substantial market share.
4.Max Life Insurance Company Limited: Max Life, in partnership with Mitsui Sumitomo
Insurance, was another key player in the private life insurance sector, holding a notable market
share.
5. Bajaj Allianz Life Insurance Company Limited: Bajaj Allianz Life, a collaboration between
Bajaj FinServ and Allianz SE, also had a significant market presence.
• Current scenario of life insurance
1. Growing Market:
- The Indian life insurance industry continued to grow steadily. Increasing awareness of the
importance of life insurance and a growing middle-class population were contributing factors.
2. Dominance of LIC:
- The Life Insurance Corporation of India (LIC) remained the dominant player in the Indian
life insurance sector, holding a significant market share. LIC's extensive network and strong
brand presence were key drivers of its leadership.
3. Private Sector Competitors:

- Private sector life insurance companies, including HDFC Life, ICICI Prudential, SBI Life,
and others, continued to compete vigorously. They focused on innovative product offerings,
technology adoption, and expanding distribution networks.
4. Diversified Product Offerings:

- Insurance companies in India were diversifying their product portfolios to cater to a
broader range of customer needs. Term insurance, endowment plans, unit-linked insurance
plans (ULIPs), and health-related insurance products were popular offerings.
40
5. Digital Transformation:
- The industry was undergoing a digital transformation, with insurers increasingly using
technology for customer acquisition, underwriting, policy issuance, and claims processing.
This trend was accelerated by the COVID-19 pandemic.
6. Regulatory Changes:
- The Insurance Regulatory and Development Authority of India (IRDAI) introduced
various regulatory changes to enhance transparency, customer protection, and product
suitability. These changes included standardization of insurance policies and guidelines for
the sale of insurance products.
7. Pension and Retirement Products

- Insurers were focusing on developing pension and retirement-focused insurance products
to address the needs of an aging population and rising retirement planning concerns.
8. Online Sales Channels:

- Many insurers expanded their online sales channels to reach tech-savvy customers.
Customers could research, compare, and purchase policies through insurer websites and
online aggregators.
9. Increasing Awareness:
- Initiatives by both the government and insurers helped raise awareness about life insurance
and its benefits among the Indian population. Financial literacy programs and social media
campaigns played a role in this effort.
10. Pandemic Impact:

- The COVID-19 pandemic had a significant impact on the industry. It underscored the
importance of health and life insurance, leading to increased interest in such policies.
11. Distribution Expansion:

- Insurers were expanding their distribution networks, including partnerships with banks
(bancassurance), microfinance institutions, and distribution through intermediaries.
12. Regulatory Scrutiny:

- The IRDAI continued to closely monitor insurers to ensure compliance with regulations
and customer-centric practices. This included guidelines for product design and sales
practices.
41
Chapter 3: Introduction to the Max Life Insurance
Max Life Insurance Company has positioned itself on the quality platform. In line with its vision
to be the most admired life insurance company in India, it has developed a strong corporate
governance model based on the core values of excellence, honesty, knowledge, caring, integrity
and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a
quality approach to business.
In line with its values of financial responsibility, Max Life Insurance has adopted prudent financial
practices to ensure safety of policyholder's funds. The Company's paid-up capital is Rs.
907.4 crore, which is more than the norm laid down by IRDA.
Max Life Insurance has identified individual agents as its primary channel of distribution. The
Company places a lot of emphasis on its selection process, which comprises four stages -
screening, psychometric test, career seminar and final interview. The agent advisors are trained in-
house to ensure optimal control on quality of training.
They invest significantly in its training programmed and each agent is trained for 152 hours as
opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the
marketplace. Training is a continuous process for agents at Max Life and ensures development of
skills and knowledge through a structured programmed spread over 500 hours in two years. This
focus on continuous quality training has resulted in the company having amongst the highest agent
pass rate in IRDA examinations and the agents have the highest productivity among private life
42
insurers.
337 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in
2007. MDRT is an exclusive congregation of the world’s top selling insurance agents and is
internationally recognized as the standard of excellence in the life insurance business.
Having set a best-in-class agency distribution model in place, the company is spearheading a major
thrust into additional distribution channels to further grow its business. The company is using a
five-pronged strategy to pursue alternative channels of distribution. These include the franchisee
model, rural business, direct sales force involving group insurance and telemarketing
opportunities, bancassurance and corporate alliances.
Max Life Insurance offers a suite of flexible products. It now has 43 life insurance products and
8 riders that can be customized to over 800 combinations enabling customers to choose the
policy that best fits their need.
3.1 (vision, mission, products/services, departments etc.)
• SELECTED THE RIGHT DIRECTION FOR COMPANY
43
• VISION
To become one of the most admired life insurance companies of India.
• MISSION
1. Become one of the top quartile life insurance companies in India
2. Be a national player
3. Be the brand of first choice
4. Be the employer of choice
5. Become principal of choice for agents
• VALUES
Knowledge: Knowledge leads to expertise; and our expertise is in helping people protect
themselves. Perfectly combining global expertise with local knowledge, we are India's life
insurance specialist. Max Life insurance believes that for knowledge to be of value it must be
focused, current, tested and shared.
Caring: Max Life is redefining the life insurance paradigm by focusing on customers first. The
service process is responsive, personalized, humane and empathetic. Every individual who
represents the company is for us our brand champion.
Honesty: Honesty is the heart of the life insurance business. It is all about trust. Transparency,
integrity and dependability form the cornerstones of the Max Life experience. The company
ensures that everyone who represents the brand carries a promise: we care - in word as well as
deed.
Excellence: Excellence at Max Life Insurance implies the ability to perform at a consistently high
level. Focused on the value of continuous improvement in people, processes and theorganization,
the company strives for the highest standards of quality in every aspect of its business.
44
3.2 (Products, Plants, Capacity, Turnover, Market share etc., SWOT Analysis)
• PRODUCTS AND PLAN MAX LIFE INSURANCE
❖ MAX LIFE INSURANCE PLANS
1) LIFE PLAN: -
Life is full of surprises. Unexpected events that strike without warning can disrupt the smooth
rhythm of life. You must be prepared at all times. As the primary earning member, you need to
make sure that your family is never lacking in anything even if you are taken away from them
forever. Do your best today to ensure that your family can always enjoy a comfortable lifestyle. In
double income families, both spouses should get adequate life covers especially if there are
dependent children involved. We have plans that guarantee maximum protection at a low cost.
2) WHOLE LIFE SUPER PLAN: -

In your journey through life, you plan and save for your child's education, marriage, your
retirement, etc. but what about creating a legacy for your loved ones after you.
To cater to this unique need, we have introduced Max Life Whole Life Super, a life insurance plan
in which you pay premiums for only a limited number of years and enjoy protection up to the age
100 years. With the power of bonuses, life cover continues to increase as your age increases. In
case of your death, your family will get a comprehensive death benefit that will take care of all the
financial needs and provide a legacy for your family.
❖ Features & Benefits of Max Life Whole Life Super
❖ Get guaranteed life time protection:

The plan offers you guaranteed protection for life till age 100 which continues to grow through
bonuses. On attainment of age 100, this plan gives you 100% of Guaranteed Maturity Sum Assured
along with Accrued Paid-Up Additions (if any) and Terminal Bonus (if any).
Flexible premium payment terms:
45
The plan offers you flexibility to choose your premium payment terms that suits your requirement.
You can choose either 10, 15 or 20 years as your premium payment term, depending on your
financial goals.
Flexible Bonus Option:
The plan offers the flexibility to choose among the following bonus options basis your need: a)
Paid in Cash – Bonus declared is paid to you in cash b) Premium Offset – Bonus declared is used
to offset future premiums payable by you c) Paid Up Additions – Bonus declared is used to
purchase additional sum assured that helps you boost the maturity value through power of
compounding. For more details, please refer ‘bonus features’ in this document.
Access your money through Paid Up Additions Withdrawal:
In case you have chosen Paid Up Additions as bonus option, you have the flexibility to withdraw
the cash value of the same in case of any need.
Customize Your Policy:
The plan offers additional rider(s) that can be taken with the policy to provide for additional
protection as per your need.
❖ Tax Benefits:
You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. All
the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of
benefits by you. It is advisable to seek an independent tax consultation.
Free Look Period
You have a period of fifteen (15) days from the date of receipt of the policy document, to review
the terms and conditions of the policy, where if you disagree to any of those terms and conditions,
you have the option to return the policy stating the reasons for your objection. You shall be entitled
to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for
the period of cover and the expenses incurred by the Company on medical examination of the life
insured and stamp duty charges.
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❖ Grace Period:
A grace period of thirty (30) days from the premium due date (15 days in case of Monthly mode)
for payment of each premium will be allowed. During the grace period the Company will accept
the premium.
3) MAX LIFE ENDOWNMENT AT AGE 60 PLAN: -

There comes an age in life, when all one needs is peace of mind, and security in the life after
retirement when your sources of income reduce but your expenses don’t from medical costs to
children's marriage expenses. So, it makes great sense to plan well in advance for a- secure life
after retirement. To make sure your expenses will be covered with dignity, to make sure you will
be there to provide for your children when they need you most. We at Max Life Insurance
understand this and to help you achieve that life of dignity and freedom, we are privileged to
present Max Life Endowment to Age 60 Participating Plan.
Max Life's Endowment to age 60 Participating Insurance is a policy that helps you to save
primarily for your retired life. It will mature on the policy anniversary after your 60th birthday,
and enables you to use the maturity proceeds in many ways such as, purchase a pension from any
life insurance company, purchase that house in your hometown where you want to lead your retired
life or pay for your child's higher education or marriage. This plan also provides you with an
insurance cover to protect your family from financial uncertainties in case of your untimely death
before reaching age 60. Till age 60, this policy also builds cash value, and is eligible for bonuses.
❖ Key Benefits: -
❖ Financial Security:
You get Sum Assured along with the accrued Bonuses (if any) at the age of 60 years. It is ideal for
saving money for covering your expenses after your retirement, such as your child's marriage, your
medical expenses or financing a house for your family, etc.
Death Benefit:
In case of the unfortunate event of your death during the tenure of the policy, the Sum Assured
plus Bonuses (if any) will be paid to the beneficiary.
Liquidity:
You have the facility to take a-loan (after your Policy has acquired Cash Surrender Value) to fund
unexpected-requirements.
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Better Financial Planning: A guaranteed, fixed premium allows you to plan your finances better.
❖ Additional Benefits: -
❖ Cash Surrender Value: -
After the policy has been in force for at least three years and provided all the premiums have been
paid for three full years, then the Company will grant a cash surrender value which will not be less
than 30% of the Premium(s) (excluding the first-year premium) received.
Bonus. This is a participating plan, eligible for bonuses. The Company may declare bonuses, from
time to time, and these will be paid out to you, based on your choice of bonus options. There is no
bonus for the first two policy years and bonuses are declared from the third policy year onwards.
Buy Paid Up Additions (PUA) - Use it to buy additional insurance cover in the existing policy.
Premium offset - Use it to offset against future premiums payable;

Cash - Get the amount in your hands.
4) MAX LIFE 20 YEAR ENDOWNMENT PLAN: -

If you are looking for a money-saver plan, then we have got your perfect solution with the Max
Life 20-year Endowment Participating Plan. On its maturity at the end of 20 years, this plan not
only gives you a guaranteed sum but also any bonus it accumulates. This plan also offers a death
benefit (guaranteed for the term of the Plan) and most conveniently, in case you have any
unforeseen expenses during the Policy term, you can access any Cash Surrender Value that may
accumulate in the Policy.
❖ KEY BENEFITS: -
❖ Maturity Benefit:
Sum Assured along with accrued bonus (es), (if any), on life insured's survival to maturity.
❖ Death Benefit:
Sum Assured along with accrued bonus (es), (if any), on death of the life insured.
48
❖ Terminal Illness Benefit:
While the policy is in force, should the life insured be diagnosed to be suffering from a disease
which, in the opinion of a Registered Medical Practitioner and the concurrence of the Company’s
appointed Doctor, is likely to lead to the death of the Life Insured within six (6) months from the
date of such diagnosis of the disease (Terminal Illness), the Company at the request of the
Policyholder, advance the benefits payable to the life insured as follows:
Up to 50% of the Sum Insured, subject to a maximum cumulative of ` 5 lacs per life insured under
all the policies all of which provide for this Terminal Illness Benefit, then enforce with the
Company.
The remainder of the Sum Insured is payable upon the happening of the Insured Event.
If the premiums for at least three full years have been paid, and provided there is no ineptness to
the Company, then the minimum non-forfeiture benefit will be a reduced paid-up policy, the
amount of which will be the larger of (A) and (B), were,
Is – the amount of paid-up insurance which can be purchased by the cash surrender value.
If at any time the outstanding indebtedness exceeds the cash surrender value of the paid-up policy,
the paid-up policy will lapse. Such paid-up policy is NOT entitled to any bonus.
Extended Term Insurance (ETI): The cash surrender value will be used as a Single Premium to
buy Term Insurance equal to the current Sum Assured of this Policy for a term, which can be
purchased with the Surrender Value. The maximum term for this ETI cannot exceed the remaining
term of the Policy. Should the Surrender Value be sufficient to buy a single premium Term
Insurance for a term longer than the remaining term of this Policy, and then such excess amount
will be returned to the policyholder. Such ETI is not eligible for bonus or loans.
Additional Benefits: - Cash Surrender Value
After the policy has been in force for at least three years and provided all the Premiums have been
paid for three full years, then the Company will grant a cash surrender value which will not be less
than 30% of the Premium(s) (excluding the first-year premium) received. The cash surrender value
payable will be subject to the condition that the policy is in full force and that there are no statutory
or other restrictions to the contrary. Indebtedness, if any, to the Company will be deductible from
the cash surrender value.
49
❖ Loan(s)
After the Policy has acquired a Cash Value it will be eligible for loan/s. Policyholder will be liable
to pay interest on such loans as may be determined by the Company from time to time and also
comply with all other terms and conditions as stipulated by the Company. Any loan/s granted will
form a first charge against the Policy proceeds and will be deducted before any payment is made
on the Policy. At any point in time, should the loan and accumulated interest exceed the Cash
Value, the Policy will lapse.
❖ Revival of Policy
Within three years after the Policy has lapsed and the Policy is under non-forfeiture, you may apply
to revive the Policy, if you have not surrendered it. All overdue Premiums must be paid together
with interest at such rates as declared by the Company from time to time at the time of revival.
The revival of the Policy shall take effect only after it is approved, in writing, by the Company. At
the time of revival any unpaid loan and any loan deducted when we determined the non-forfeiture
benefit, must also be repaid.
❖ BONUS
This is a participating plan, eligible for bonuses. The Company may declare bonuses, from time to
time, from the third policy year and- these will be paid out, based on your choice of bonus options.
Buy Paid Up Additions (PUA) - Increase the death benefit of your base policy.
5) MONTHLY INCOME ADVANTAGE PLAN: -

Life is all about fulfilling your dreams for your loved ones like providing for best of education &
extra- curricular activities for your child, adequate money to take care of your & your spouse's
retirement expenses. Thus, regular income is an eminent need for everyone at all stages of life.
Presenting Max Life Monthly Income Advantage Plan, a comprehensive savings & protection plan
that provides you guaranteed monthly income for 10 years to meet your recurring expenses and
lump-sum benefit, which comprises of non-guaranteed bonuses, at maturity to cater to your long-
term financial goals, thus, ensuring that your dreams for your loved ones are addressed at all times.
50
➢ KEY FEATURES & BENEFITS OF MAX LIFE MONTHLY INCOME ADVANTAGE
PLAN: -
❖ Guaranteed Monthly Income: The product provides you guaranteed monthly income for a
period of 10 (ten) years immediately after completion of Premium Payment Term thereby
helping you cater to expenses towards your child's education/extra-curricular activities or
retirement needs.
Lump-sum Maturity Benefit: A sum of accrued compound reversionary bonuses and terminal
bonus is payable on maturity to cater to your long-term financial goals.
Risk Coverage: The product also offers a lump-sum benefit immediately on death of the Life
Insured to ensure financial security of your loved ones.
Policy Continuance Benefit: In case of an eventuality, in addition to the lump-sum benefit, the
Company also waives off all future premiums payable by you to ensure that all benefits i.e., Income
Benefit & Maturity Benefits are paid to your beneficiary as and when due, thus, ensuring that your
dream for your child's future/Spouse's retirement is taken care of even in your absence.
Tax Benefit: Tax benefits apply to the premiums paid and benefits received by you as per the
prevailing tax laws.
➢ Brief Description about the plan: -
Max Life Monthly Income Advantage Plan is limited premium paying, participating, money back
life insurance plan that offers:
Guaranteed monthly income for a period of 10 years immediately after the completion of Premium
Payment Term and Sum of accrued compound reversionary bonuses and terminal bonus on
maturity i.e., completion of the Policy Term Where, monthly income payable is defined as one
twelfth (1/12th) of 10% of Sum Assured.
❖ You have the option to choose from the following two variants available under the plan:
❖ Premium Payment Term of twelve (12) years and Policy Term of twenty-two (22) years;
❖ Premium Payment Term of fifteen (15) years and Policy Term of twenty-five (25) years.
❖ Risk coverage is available throughout the Policy Term where Policy Term is Premium
Payment Term plus ten (10) years benefit payout period.
51
6) MAX LIFE GUARENTEED INCOME PLAN: -
Life is all about fulfilling your dreams for your family, like providing for children's education,
planning for retirement, etc. However, in an environment which is full of uncertainty and volatility,
you need surety that these dreams will be fulfilled, even if you are not around.
To ensure that your dreams for your family are fulfilled, Max Life Insurance brings to you a plan
that takes care of your worries related to volatility. Max Life Guaranteed Income Plan offers
guaranteed benefits from the very outset. The plan provides a Guaranteed Income for a period of
10 years after the Policy Term. The income payable monthly in the last 5 years of the payout period
is twice the income payable monthly in the first 5 years of the payout period. This is followed by
a one-time guaranteed Terminal Benefit payable at the end of the Payout Period. Additionally, it
ensures that the lifestyle of your family is protected against any exigencies during the Policy Term
through death benefit in the plan.
➢ Key Features & Benefits of Max Life Guaranteed Income Plan:

Policy Term options the plan offers flexibility to choose from two Policy Term options. You can
choose either 6 year or 12-year Policy Term, depending on your financial goals. The Premium
Payment Term for the chosen option would be same as the Policy Term.
Guaranteed Income for a Payout Period of 10 years after the Policy Term The plan lets you choose
the guaranteed monthly income you desire. The annualized premium payable is linked to
the chosen income under the plan. The income provided is fully guaranteed and will be paid for a
period of 10 years (120 months) starting immediately after the end of the Policy Term. The income
payable monthly in the last 5 years of the payout period is twice the income payable monthly in
the first 5 years of the payout period. Apart from the income benefit, the plan also offers guaranteed
Terminal Benefit at the end of the Payout Period.
Get Guaranteed Protection The plan offers you protection for the entire Policy Term by providing
guaranteed death benefit. The death benefit is payable as a lump sum benefit to the nominee.
However, the nominee also has an option to avail the death benefit in monthly instalments for a
period of 10 years post the date of death of the life insured.
52
• Turnover of the company
Max Financial Services Ltd reported a 64 per cent decline in consolidated net profit at Rs 52 crore
for the last quarter of 2022-23.
The company had reported a net profit of Rs 144 crore in the January-March period a year ago.
The company registered consolidated revenue of Rs 9,929 crore in the quarter from Rs 8,960 crore
in Q4FY23, MFSL said in a regulatory filing. Total expanses of the firm rose to Rs 9,876 crore as
against Rs 8,809 crore a year ago, it said.
• SWOT ANALYSIS OF MAX LIFE INSURANCE
53
Chapter 4: Research Methodology
➢ METHODOLOGY
This section looks at the methods used to achieve the objectives of the study. It highlights research
design whether it’s a Descriptive or Descriptive Research Design, the sources of data (Primary or
Secondary Data) and the methods that were used in the data collection (Online Platform) for the
research. It also identifies the target population for the study, the sample frame and size, sampling
technique (Non-Probability / Probability) and how data obtained from the study were analyzed
(Data Analysis tools used).
➢ Primary and secondary data were collected with the help of questionnaire and report of the
company respectively.
❖ Primary data was collected by Questionnaire method.

❖ Secondary data was collected from the Manuals, Brochures and website of the company.
➢ RESEARCH DESIGN:
This research is a descriptive and a cross-sectional study that is mainly aimed at examining
customer behavior in the Life Insurance industry. The research technique for data collection is
qualitative research. My project is based on quantified research type (Descriptive research) where
I adopt questionnaire approach to collect the data.
➢ DATA SOURCES:
The study is mainly based on the data collection from primary as well as secondary sources.
Primary data: Primary data are data collected for specific purpose. Primary data is collected
directly from the students through administering questionnaire.
➢ Secondary Data:
Secondary data are data that were collected for another purpose and already exist somewhere
Secondary data was collected from company records and catalogue.
➢ Research approach:
Survey method is adopted to collect the needed information from the respondents.
➢ Research Design:
This research is an explanatory and a cross-sectional study that is mainly aimed at examining
customer behavior in Life Insurance industry.
54
According to the objective of research or according to the research design researcher should
identify research technique for data collection if its qualitative research (Descriptive Research)
researcher collect data from Focus group discussion, In-depth Interview, Brain Storming, Field
Observation, Self-Study etc. If it’s quantitative research type (Descriptive research) researcher
should adopt questionnaire approach to collect the data.
➢ Research instrument:
Here for this study the researcher used well designed and structured questionnaire as a research
instrument it includes both open & closed ended questions. The questionnaire is personally
administered to the respondents.
55
Chapter 5: Data Analysis and Interpretation
Here we circulated a questionnaire to diverse group of people who responded according to their opinion
about Insurance Industry products.
1.1 Are you a regular tax payer?
Yes
47% 53%
No
Interpretation: -
By this chart we come to know that 47% people do not pay the regular tax payer and
53% people have pay the regular tax.
So, I find out that only 53% people pay the regular tax it means most of the people pay
the tax on regular basis.
56
1.2 What is your income range?
8%
Less than 3 lacs
26%
3 lacs to 5 lacs
66% More than 5 lacs
Interpretation: -
By this chart we come to know that 66% of the people income is less than the 3 lacs
26% people income between the 3 lacs to 5 lacs and 8% people income is the more than the
5 lacs.
So, I find out that 66% people income rang is less than the 3 lacs.
1.3 Do you avoid a company’s products or services due to unethical tax policies?
29%
Yes
NO
71%
By this chart we come to know that 71% people avoid a company’s products or services due
to unethical tax policies and 29% people are not avoid a company products or services due to
unethical tax policies.
So, I find that out that most of the people are avoid the company products or services due to
unethical tax policies.
57
1.4 Do you plan on investing in any government scheme or bond which considering your tax
payment?
32%
Yes
No
68%
By this chart we come to know that 68% of the people comfortable with investing in
any government scheme or bond which considering your tax payment, 32 % people are not
comfortable with investing in any government scheme or bond which considering your tax
payment
By conducting this survey, I noticed that the most of the people who are comfortable
with investing in government scheme or bond plan.
1.5 which type of investment do you prefer?
13%
Long term (Greater than 3yrs)
53% Medium term (1 to 3yrs)

34%
Short term (less 1 years)
The above chart shows that 53% people use the long term, 34% use the medium term, and
13% use the short term. People use the long-term investment plan future use.
By conducting this survey, I come to know that high range of people mostly invest in
the long term than medium term and then short term.
58
1.6 Have you borrowed money for invest from banks etc.?
37% Yes
No
63%
By above chart 63% of peoples feels that they are not borrowed money for invest form
bank and 37% of the peoples feels that the borrowed money for investment.
By conducting this survey, I come to know that according to Indian mentality people believes
they are not borrowed the money for invest from bank.
1.7 Is tax is beneficiary for our country?
25%
Yes
No
75%
Interpretation: -
On the chart we can see that 75% of people feels that tax is beneficiary for our country and
25% people feels that tax is not beneficiary for our country.
I feel that most of the people are say that, tax is beneficiary for the country.
59
1.8 What percentage of your monthly salary do you save?
8%6% Less than 20%

Between 20% - 35%
52%
34% Between 35% - 50%
Over 50%
Interpretation: -
The above chart shows that 52% people save the less than 20% of the monthly salary and Between
20% to 35% of monthly salary save by 34% of people. The percentage of 35% to 50% save the
monthly salary by the people is 8% and above the 50% save salary in months by people are the 6%.
By conducting this survey, I come to know that high range of people mostly save monthly salary less
than the 20%.
1.9 Investment made by the respondent in various avenues?
POST OFFICE DEPOSIT

28.90%
PPF
18.70%
GOLD
44.70%
EQUITY MARKET
42.20%
MUTUAL FUND
39.50%
FIXED DEPOSIT
50.00%
LIFE INSURANCE
34.20%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%
Interpretation: -
On the chart we can see that the most of the people invest money in fix deposit that is 50% than
Glod its 44% than equity market 42.20% than mutual fund is 39.50% than post office deposit than
PPF.
By conducting this survey, I come to know that most of people invest money in Fix Deposit, Gold
and Equity and Mutual Fund.
60
Chapter 6: Conclusion &Suggestions
6.1: FINDING
• As far as the salaried assesses are concerned, it was observed that their saving was up to 30
percent of annual income. There was no variation based on income.
• This implies that assesses are consumption oriented (70 per cent) and that is true even
in thelow-income groups. This means tax planning measures through investments route
alone willnot sufficient.
• Providing an alternate channel which is supportive to present consumption or
immediate consumption is recommended.
• Ensuring liquidity in tax planning would strengthen the tax planning process. Tax
planning essentially depends on provisions in the Finance Act and the Budget.
Educating the masses of the provisions of the same and creating awareness on availing
the benefits is recommended.
• On the bases of this study, the respondents rank various tax saving instruments according
To their priority of saving tax. The most adopted tax saving instrument is life insurance
policy, which got the first rank in this study.
• The second most adopted tax saving instrument is provident fund. Further, the third
choice is Tax saving fixed deposits. After that home /education loans, national saving
certificates, unit linked insurance plans and equity linked saving schemes respectively.
• Tax planning not only reduces the tax liability but also enables to achieve the nation’s
economic and social goals. Hence, if an assesses takes the advantage of tax planning, he
not only reduces his tax liability but also helps in achieving the objective of the
legislature, which is lawful, social and ethical.
• Tax planning measures are investing funds in tax-free return investments, tax-saving
investments, tax-free maturity investments and No tax deduction at source investments.
• It is needless to say that the investors should be made to understand the features of
various tax saving schemes available with tax concession. Hence, this study is
undertaken to provide suitable tax planning measures to the salaried assesses in order
to reduce substantially their tax liability.
61
6.2: SUGGESTION
• The present study examines the Taxation of Income in India during post liberalisation
period and policy perspective in this regard. It has analysed the growth of income tax
revenue, performance of Income Tax Department and perception of tax professionals
regarding Income Tax System in India.
• With a view to have a proper understanding of the research topic important studies
relating to personal income tax, capital gains taxation, agricultural taxation, efficiency
of income taxadministration etc. conducted in India have been reviewed.
• Tax evasion and corruption are widely prevailing in the Indian tax system, which are
the biggest blocks in the way of proper implementation of law. Thus, there is a need to
tackle tax evasion and corruption for improving tax compliance. Government should
reduce number of taxes, rationalize tax rates, use TDS extensively, simplify tax laws,
widen AnnualInformation Return network, increase publicity, create awareness among
general public regarding tax morality, minimise discretionary powers available with
income tax authorities and inculcate a sense of integrity among tax officials for
achieving this objective. Income Tax Department should utilise information available
under the Annual Information Return properly for detecting tax evaders
• Mistakes in assessments result in revenue loss to the Government as well as harassment
to the taxpayers. Hence, internal audit should be strengthened to minimise mistakes in
assessments.
• It has been found that the arrear of tax demand increased in case of personal income
tax as well as in case of corporate tax during the study period.
• The Government should fix individual responsibility, accountability of assessing
officer in case of delay in refunds, introduce refund banker scheme at a large scale and
rationalise 266 TDS rates. Moreover, Income Tax Department should process refund
claims of comparatively large amount on priority basis for reducing interest burden.
62
6.3: Conclusion
• At the end of this study, we can say that give the rising standards of Indian individuals
and upward economy of the country, prudent tax planning beforehand is must for all the
citizensto make the most of their incomes.
• However, the mix of tax saving instruments, planning horizon would depend on an
individual’s total taxable income and age in the particular financial year.
• Tax planning has a wider philosophy and is closely associated with what the assesses
earns his propensity to consume. The gap between the same goes on saving and if that
saving can relive one from tax, the tax planning is effective.
• The whole process relates to viewing the Income Tax Act in terms of revenue for the
Government and fair disposable income for the assesses. We want a rationalized, simplified,
operational tax system where an assessed is assessed but not feel exploited.
• The government has tried to achieve all round economic objective by providing
incentives development, balanced regional growth, scientific research and
development, capital marketand exemption of agricultural income.
• Certain Rationalization and Simplification Measures have been taken during the study
period such as lowering income tax rates in case of all the assesses, introducing
standard deduction at the rate of 30 per cent of net annual value in case of let out house
property, providing depreciation on intangible assets etc.
63
Chapter 7: Learning Experience
• A project that focuses on researching tax planning for individuals and recommending insurance
products to them offers a variety of learning opportunities.
• Through this endeavour, one develops a thorough understanding of managing one's personal
finances, learning how to analyse earnings, outgoings, assets, and liabilities to develop sound
financial plans.
• The project also fosters proficiency in data collecting, financial analysis, and the use of tools like
investment calculators and budgeting software.
• Additionally, it improves interpersonal skills because it may be important to conduct interviews

or surveys to fully understand various financial goals and situations.
• As the project develops, one gains the ability to customise financial plans to satisfy particular
goals, such as retirement planning, debt reduction, or asset growth, while also taking market
trends and risk tolerance into account.
64
❖ ANNEXURE
1. Are you a regular tax payer?
a) Yes
b) No
2. What is your income range?
a) Less than 3,00,000/-

b) 3,00,000/- to 5,00,000/-
c) More than 5,00,000/-
3. Do you avoid a company’s products or services due to unethical tax policies?
a) Yes
b) No
4. Do you plan on investing in any government scheme or bond which considering your
tax payment?
a) Yes
b) No
5. Which type of investment do you prefer?
a) Less term (Greater than 3yrs)

b) Medium term (1 to 3yrs)
c) Short term (less than 1yr)
6. What rate of return on invest you expert and get?
a) Less than 20%

b) More than 20%
65
7. Do you fully utilize Income Tax benefits, e.g., deductions from salary/income,
rebates, etc.?
a) Yes
b) No
8. What percentage of your monthly salary do you save?
a) Less than 20%
b) Between 20% - 35%
c) Between 35% - 50%
d) Over 50%
❖ BIBLIOGRAPHY
➢ Articles:
1. Article 265 of the Indian Constitution
2. "Analysis of Tax and Non-tax Revenue Receipts Included in Annex".
3. Article 246 of the India Constitution,
4. Indian Income Tax Act, 1961,
5. Section 14 of Income Tax Act,
6. "Direct Taxes Code Bill: Government keen on early enactment".
➢ Books:
• T. N. Manoharan (2007), Direct Tax Laws (7th edition), Snowwhite Publications P.Ltd.,
New Delhi.
➢ Websites:
• www.Incometaxindia.gov.in
• http://in.taxes.yahoo.com/taxcentre/ninstax.html
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A

A Summer Internship Project (SIP) done in

Submitted in partial fulfilment of the requirement for the award of degree of

Vaibhav Balasaheb Gaikwad.

ROLL NO: 2022M081 PRN: 2019016400938947

BATCH: 2022-2024 ACADEMIC YEAR 2023-2024

The project I would like to acknowledge my guide Prof. S. S. RANJAN, of Bharati

Signature of the Student

VAIBHAV BALASAHEB GAIKWAD

2023-2024, a student of Bharati Vidyapeeth’s Institute of Management Studies and

Prof. S.S. RANJAN Dr. Anjali Kalse

Project Guide Director

Particulars Page No.

Chapter3: Introduction to the Company 41 TO 52

Chapter 4: Research and Methodology 53 TO 54

Chapter 5: Data Analysis and Interpretation 55 TO 59

Chapter 6: Conclusion and scope of the study 60 TO62

Chapter 7: Learnings from the project 63

❖ Indian Insurance Sector Key Players

Background and Context: -

Implications and Future Considerations: -

1. Rationale for the Project: -

2. Market Analysis and Feasibility: -

7. Sustainability and Ethical Considerations: -

Meaning of income tax: -

Few Common Deductions are:

• Public Provident Fund (PPF)

• Life insurance premium

• Medic Claim insurance

• Tax Saver Fixed Deposit (FD)

• Health insurance premium

• Investments made under The Rajiv Gandhi Saving Scheme

• Home loan repayment, etc.

• Individuals Salaried person

The Basic Principles Income Taxes

Taxpayers and rates Residents and nonresidents

Defining income Deductions allowed

Business profits Credits

Alternative taxes Administration

State, provincial, and local Wages based taxes

Taxes for Salaried Individuals: -

2. House Rent Allowance

3. Leave Travel Allowance

5. Employee Contribution to Provident Fund (PF)

Basics of Income Tax

1. Income Chargeable to Tax

Income from business and Income/loss arising as a result of carrying on a business

Old Tax Regime

Income Tax Slab Income Tax Rate

₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000

₹ 5,00,001 - ₹ 10,00,000 ₹ 12,500 + 20% above ₹ 5,00,000

Above ₹ 10,00,000 ₹ 1,12,500 + 30% above ₹

New Tax Regime u/s 115BAC

Income Tax Slab Income Tax Rate

₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000

₹ 5,00,001 - ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000

₹ 7,50,001 - ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000

₹ 10,00,001 - ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000

₹ 12,50,001 - ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000

Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000

3. Form 26AS. Form 16

Income Tax Payment

The Government collects income tax from three channels: