Tax Slabs for AY 2013-14 (FY 2012-13)

Income tax slab (in Rs.)	Tax
0 to 2,00,000	No tax
2,00,001 to 5,00,000	10%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%
India Income tax slabs 2012-2013 for Female tax payers
Income tax slab (in Rs.)	Tax
0 to 2,00,000	No tax
2,00,001 to 5,00,000	10%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%
India Income tax slabs 2012-2013 for Senior citizens (Aged 60 years but less than 80 years)
Income tax slab (in Rs.)	Tax
0 to 2,50,000	No tax
2,50,001 to 5,00,000	10%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%
India Income tax slabs 2012-2013 for very senior citizens (Aged 80 and above)
Income tax slab (in Rs.)	Tax
0 to 5,00,000	No tax
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

NEFT & RTGS

While doing online money transfer you must have heard the terms NFT and RTGS. Ever wondered what exactly these terms are and what’s the difference between them. If No then perhaps you should spend a few minutes to read below and hopefully your basic queries would be answered.

NEFT and RTGS are the two different means of transferring money between banks in India. Important thing to note here is that this is only for domestic transfers.

RTGS stands for Real Time Gross Settlement, it is a fund transfer mechanism which allows the money transfer between two banks on a ‘real time’ and on ‘gross’ basis. I will explain these terms a bit later.

NEFT stands for National Electronic Funds Transfer which is an online system for transferring funds between financial institutions. This is not done in real time but is done at predetermined fixed times.

The main difference between the 2 modes of transfer are listed below :

• The basic and most important difference between RTGS and NEFT is in their definitions itself. RTGS is based on gross settlement in real time while NEFT is based on bulk settlement at a predetermined time in future. In RTGS settlement is done in real time meaning immediately after processing of the remitting bank, while in NEFT the transfer is done in batches at specific times of the day. So NEFT is not based on individual transactions but rather is a bulk transaction between one bank to the other at a defined time of the day while RTGS is done based on individual transactions and in real time.  

• RTGS is the fastest money transfer system through the banking system as it is done in real time.

• Another major difference between the RTGS and NEFT is the amount which could be transferred. RTGS is a mechanism to transfer an amount of over  ` 2 lakhs ie the minimum amount to be remitted through RTGS is ` 2 lakhs. There is no upper limit for RTGS transactions. While  NEFT is used mainly to transfer funds below ` 2 lakhs, however, there is no maximum limit for transfers through NEFT.

So though NEFT and RTGS both are meant to perform the same function which is to transfer money. However the amount and the quickness differentiates them. Also the banks charges certain fees on both type of transactions. For international transfers each bank may have a different mode or vendor for transactions.

Tips For Secure E-Commerce

With each passing day online shopping is becoming more popular in India. It's mainly due to the convenience of buying and increasing reliability of the portals selling the products. However one just needs to make sure about the safety when doing transactions on the Internet. Here are some tips for making secure Internet transactions.

How to check whether the web site is safe :
 

Encryption – Make sure one shop's only at secure web sites that use encryption. If the web site uses encryption technology to transfer information from your computer to the merchant’s computer, that means the information is scrambled so computer hackers can’t easily steal it. 

Secure URL – Look for the “s” following “http" in a web address, indicating it’s safe. However unfortunately most of the sites divert you to https URL only on the final step when you are about to make the payment. 

Lock display – The Padlock display is at the bottom of the browser screen (on the browser’s status bar). If that lock is open, one should stay away from it, as it’s probably not a secure site.

Unbroken key – An unbroken key also designates a secure site.

Unknown / Strange web address – If a URL has a string of numbers at the beginning or has strange names, be suspicious because this isn't an address one would see for a genuine/reputed company.

Tips for Safe Online Shopping

Don’t shop at shared networks – Don’t do online transactions when you’re using public or shared networks (like cyber cafe). It's best to buy online at home. The computers in shared networks may have Trojans / viruses/ keyloggers which may store your passwords.

Use the card wisely – While paying with credit / debit card, be cautious to ensure that the site where you are putting in the details is safe and secure. If you still have reservations about giving out your credit card number online, then use third-party escrow services such as PayPal.

Don’t share personal information – Usually legitimate web sites won’t ask one to give out personal information such as his birth date, account details or the address. By giving out the personal information, you can give criminals enough data to apply for new credit cards in your name.

Keep accurate records – Always keep accurate, detailed records of any online transactions. This way one will have the evidence of his purchase if problems occur.

Use updated anti-virus programs – Be sure your computer is secured with updated anti-virus, anti-spyware, and firewall software.