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Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal
CALCULATE NOWApne life goals ki guaranteed1 hona Ye Bhi Sahi Hai
WATCH VIDEOFulfill your Life Goals with Bajaj Allianz Life Goal Assure
KNOW MOREHere's a Comprehensive Tool To Plan Your Child's Future
START NOWThere is lot to remember in Life, Set renewal premium payments to Auto Pay
WATCH VIDEOGet your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR
KNOW MOREPaying your Renewal Premium is Quick and Easy!
PAY NOWKnow the right amount of Insurance you need in just a few steps!
START NOWAvail Term Insurance Tax Benefits under Section 80D
READ MOREKnow how to invest money during the covid-19 pandemic!
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Every earning individual must pay tax. As a smart investor, you can take certain steps reduce the amount of tax liability you have by investing in life insurance products. Read our articles and know everything about tax planning in India.
Paying taxes is considered an essential component of being a lawful citizen. While it is important to pay taxes and contribute to your country’s economic growth, doing so without careful planning may lead to financial loss. To combat this, you may resort to strategic tax planning.
Read MoreThe importance of financial literacy cannot be underestimated in today’s world. A strong understanding of money management, risk prevention, investments, and taxes may be crucial to thrive and prosper financially. However, gender discrimination may lead to women being at the lower end of the financial literacy spectrum. For instance, in a 2019 survey by the National Centre for Financial Education, only 21% of women respondents achieved the minimum financial literacy score.[1]
Read MoreThe Income Tax Act, 1961, defines different tax rates for individual taxpayers basis their age and income. Under the old tax regime, there are different tax slabs for different age group. Individuals aged 60 years or above are considered senior citizens and accordingly they fall under specified tax slab. Moreover, the tax provisions also have different rules for senior citizens when it comes to tax-saving avenues and investments. So, here are some common tax-related FAQs that senior citizens might have while filing their Income Tax returns along with their answers.
Read MoreIncome tax returns (ITR) are filed during every assessment year, wherein you declare your income from different sources and calculate your tax liability for the financial year. The ITR contains the details of your income, the deductions and exemptions availed on them, like life insurance premiums and benefits. Tax liability is calculated depending on your tax slab.
Read MoreOne of the important part of your financial responsibilities in India is to file your Income Tax Returns (“ITR”) on time. It is essential to do it correctly to be tax compliant and to avoid penalties and legal consequences. With the advent of online filing, the ITR filing process has become more accessible and convenient than before. An ITR is filed through applicable form, that you need to file for every financial year with your income details with the Income Tax Department. It is a legal requirement for the citizens of India earning over the threshold limit.
Read MoreIncome tax is a form of direct tax that is paid on the income that you earn in a financial year1. If any Individual, HUF/ AOP/ BOI/ Artificial Juridical Person earns more than Rs.2.5 lakhs2 in a financial year, as per applicable laws, they might have a tax liability and are required to pay tax on the taxable income.
Read MorePaying income tax is the duty of individuals and entities who have a source of income in India. Whether you are an Indian citizen or an NRI, you have to pay tax on the income earned in India if your income is more than the basic exemption limit.
Read MoreA new tax regime was introduced in the 20201 budget. The regime had lower tax rates for higher incomes and allowed taxpayers to choose between the existing tax slabs and the newly introduced slabs. Moreover, in the Union Budget 20231,$, changes have been made to the new tax regime while the old regime stayed the same. The new regime has been made all the more attractive with increased tax rebate limits, lower rates and introduction of standard deduction which was previously disallowed. Taxpayers can choose the old regime or the new regime depending on which one would give them a lower tax liability. The new changes in the new regime, introduced in the Union Budget 2023$, would be applicable from the financial year 2023-241 wherein you can make your choice when filing tax return.
Read MoreIn a financial year, starting from 1st April and ending on 31st March, any income that you earn is subject to income tax as per the provisions stated in the Income Tax Act, 1961 (the Act), if your annual income exceeds Rs.2.5 lakhs. Every year, you are required to file your income tax returns with the income tax department. However, income tax aspects and its filing are a little technical in nature. If you don’t understand the technicalities, you might end up making errors in your returns that might cost you dearly.
Read MoreIn India, a direct tax is paid by an individual or a firm to the government. These taxes are paid directly by the taxpayers to the government and are called direct taxes. The taxpayers are individuals and other legal entities like companies, limited liability partnerships etc, and these taxes are imposed directly by the government and are non-transferrable to any other entity1.
Read MoreIndividuals who earn an income are expected to pay taxes as per prevailing tax laws. The income tax liability of an individual depends on the tax slab applicable to them as per Income Tax Act, 1961. The income tax is levied on the annual income of the tax payer and the tax rate may increase as taxable income increases, subject to the provisions of Income Tax Act, 1961 (the Act). Another major criterion that determines the amount of tax you may have to pay is the tax regime you have chosen1.
Read MoreTax planning is a crucial part of a successful financial journey. With the changing tax laws, it is important to stay tax compliant to avoid penalties. Income tax may seem be a complicated concept to understand for many people. Hence, many people rely on experts when it comes to tax planning and income tax filing. However, it is important to be aware of some basic income tax terms and their importance in managing your tax outgo. While understanding your tax liability, you might have often heard about income tax exemption, tax deductions, and rebates. Let’s understand these basic concepts of income tax.
Read MoreAs a senior citizen, it is crucial that you are financially secure and stable. Along with a stable source of income, one should also have a good tax-saving strategy. Thankfully, there are multiple ways for how senior citizens can save tax via the various deductions and exemptions listed in the Income Tax Act, 19611. A beneficial aspect to know is that some of the tax benefits are slightly amplified if the taxpayer is a senior citizen, i.e., someone aged 60 years or above.
Read MoreIn India, gifting is a common gesture to show the love and care that we have for each other. Gifting is also used for transferring property and other assets to family members or relatives by way of inheritance. Do we know the tax implications of receiving gifts from relatives? The Gift Tax Act of 1958 was introduced and later got incorporated into the Income Tax Act of 1961 to ensure tax compliance. Let’s take a look at the taxation of gifts that are received from a relative.
Read MoreIndian taxpayers are expected to file an income tax return or ITR with the Income Tax Department of India after the completion of a financial year. For the Financial Year 2021-22 ending on March 31st, a record total of 72.42 lakh ITRs were filed on July 31st, the last day of submission1.
Read MorePAN card treated as a valid identity proof for most scenarios in India, It is a 10-digit alphanumeric number that is unique and issued by the Income Tax Department. PAN or Permanent Account Number enables the Income tax department to identify/ link all transactions of the PAN holder. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence etc, and so on.
Read MoreSection 80C of Income tax Act 1961 is that the deductions are available not only on the salary but the total income of the taxpayer, also called the gross income. This greatly helps in reducing the tax burden. Consider following pointers regarding Section 80 C:
Read MoreWhen preparing your tax returns and filing them, you would often come across two main terms based on which the returns are prepared. These terms are the Assessment Year (AY) and the Financial Year (FY). While both these years include 12 months and are important for tax filing, they are very different from one another. Let’s understand what they mean and how they differ.
Read MoreFrom year to year, Indians wait in anticipation of the Union Budget announcement, and the Union Budget 2022 was no exception to this practice. The government’s larger goal is to push the industrial foundations of India forward in the hope of propelling the GDP in a positive direction. It's worth looking into the different announcements made regarding tax in Budget 2022.
Read MoreThe majority of Indians view filing of income tax return as tedious. To be sure, no one likes tax cuts from salaries and other earnings. Moreover, if you are saving to fulfil your long-term goals, then income tax comes as a hindrance, especially if you fall under a tax bracket that sees you paying an elevated amount of tax.
Read MoreWhile everyone is more or less aware of the benefits of paying direct taxes on their income regularly, such as getting their tax liability reduced and ease in availing overseas visas, there is a lot of confusion still about indirect tax components, including tax deducted at source (TDS) and tax collected at source (TCS).
Read MoreEvery year, one must file his/her tax returns basis the applicability. The calculation of tax and the investment in any schemes that save tax are crucial annual practices if you are earning an income. In India, it’s easy for you, as a taxpayer, to feel overwhelmed with all the varying jargon that relates to tax and tax filing. Over and above this, there are numerous deductions that are involved, and every taxpayer must know about these to get the maximum savings in paying taxes.
Read MoreIf you’re an individual who is a salaried employee or has a business of your own, filing an income tax return (ITR) is something that you should do without fail. However, when it actually comes to filing ITRs, you’ll quickly find out that the process is not as easy as it may seem. And that you have more questions than answers. And so, here are a few FAQs that can help give you some clarity.
Read MoreDepending on the income that you generate each year, you’re required to pay a percentage of it as tax to the Income Tax authorities. Although many of us do it diligently year after year, we always tend to look out for opportunities and provisions that help us reduce our tax burden.
Read MoreThe due date for filing your income tax returns for the financial year 2021-22 (i.e., assessment year 2022-23) is quickly getting closer. For individuals who do not need to get their accounts audited, the due date is July 31, 2022. Filing your ITR on time helps you get your refund sooner, if any. Additionally, it is also important to know which ITR form you should file, based on your income sources. In fact, filing the wrong income tax return forms can get you in trouble with the income tax authorities and may even lead to penalties or prosecution.
Read MoreFiling of income tax return (‘ITR’) is a mandatory activity for individuals whose total income in a year is in excess of basic exemption limit of Rs. 2.5 lakhs. That said, filing an income tax return just because it is mandated by law shouldn’t be the only reason though. As a matter of fact, there are many reasons why you should do it. Wondering what they are? Continue reading to find out.
Read MoreEvery year, individuals and non-individuals alike (to whom tax audit is not applicable under the Income tax Act 1961, (the IT Act), are required to file their income tax returns (ITRs) on or before the 31st of July (subject to any extension in the due date by the Central Board of Taxes). For every financial year, the ITR is required to be filed by the 31st July in the subsequent year. For instance, for financial year 2021-22, the ITR would be required to be filed by 31 July, 2022.
Read MoreIf you’re earning an income of more than Rs. 2.5 lakhs a year, you’re mandatorily required to file an income tax return (ITR) every year on or before the 31st of July. And since it is basically a record of the income that you earned during a year, you need to exercise maximum caution while filing your income tax returns.
Read MoreThe year 2020 has been fraught with uncertainty. While most income tax filing deadlines fall in the month of July each year, the Indian government has extended the deadline for filing income tax returns for 2021. If you work in the private or public sector and are subject to income tax, it is critical that you understand how to file for income tax returns for salaried employees.
Read MoreIndia has a robust mechanism of taxes that helps the government to fund many developmental projects in the country. These taxes can broadly be categorized as direct and indirect tax. Now, what is indirect tax? If that’s what you’re wondering, let’s take a closer look at the details of indirect tax in India.
Read MoreFiling income tax can be a long and arduous process in the event that one isn’t clued up on the variety of forms available and what each of these entails and to who they are applicable. Paying income tax is important. This article aims to arm readers with knowledge on the same such that no confusions arise at the time of filing income taxes.
Read MorePaying taxes can be confusing, tiresome, and frustrating. This article seeks to provide readers with guidance on what advance tax is, how to calculate it, and the general intricacies that surround its functioning.
Read More~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.
The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.
SMS Service
Dear Customer,
To get SMS updates on your policy - now you can refer to our glossary of pull sms services from the table:
| GLOSSARY - PULL SMS TABLE! | |||
|---|---|---|---|
| No. | Service | Type Keyword | Send To |
| 1 | For Callback for service related queries | SUPPORT<space>POLICY NO | 8108222251 |
| 2 | For Callback for renewal premium payment related queries (From Registered Mobile Number) | RENEW<space>POLICY NO | |
| 3 | For Branch Address | BRANCH<space>PIN CODE | |
| 4 | For Callback for Reinvestment related queries (From Registered Mobile Number) | REINVESTMAT<space>POLICY NO | |
| 5 | For Fund Value of Policy (From Registered Mobile Number) | FV<space>POLICY NO | |
| 6 | For Account Statement (From Registered Mobile Number) | ACCSTMT<space>POLICY NO | |
| 7 | To Update Email Address (From Registered Mobile Number) | EREG<space>Unique ID*<space>DOB of policyholder in DDMMYYYY<space>email id | |
| 8 | For Callback for queries related to fund switching | FSWITCH<space>POLICY NO | |
| 9 | For IT Certificate (From Registered Mobile Number) | TAXCERT<space>POLICY NO | |
| 10 | For Claim status | CLAIM<space>POLICY NO | |
Disclaimer: By using above SMS services kindly note that you would be authorizing to receive call(s) / SMS from Bajaj Allianz Life Insurance Co. Ltd through its representatives on your tele-contact no with respect to the query for which you have requested call back even if it is registered under NCPR/NDNC registry with your telecom operator.
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