ASP.NET MVC 5 - Handling Exceptions with some simpler ways

While developing Line-of-Business (LOB) applications using ASP.NET MVC,  we come across various requirements varying from doing Model Validations to handling Exceptions. MVC already provides Action Filter feature for implementing add-on application logic e.g. request Logging, authorization, HandlerError etc. HandlerError is used to handle exceptions while executing action methods.