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Tax Planning Guide - Understand Taxes

Tax planning guide

Understand Tax Planning In India

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.

Difference Between Assessment Year (AY) & Financial Year (FY) | Bajaj Allianz Life

Difference Between Assessment Year (AY) & Financial Year (FY)

When 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.

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Income Tax Amendments Announced in the Budget 2022 | Bajaj Allianz Life

Income Tax Amendments Announced in the Budget 2022

From 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.

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5 Popular Tax-Saving Schemes in India | Bajaj Allianz Life

5 Popular Tax-Saving Schemes in India

The 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.

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Difference Between TDS and TCS | Bajaj Allianz Life

What Is The Difference Between TDS and TCS?

While 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).

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Difference Between Gross Total Income and Total Income

What Is the Difference Between Gross Total Income & Total Income?

Every 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.

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15 Frequently Asked Questions about filing Income Tax Returns

15 Frequently Asked Questions about filing Income Tax Returns

If 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.

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Income Tax Saving with your Spouse

Income Tax Saving with your Spouse

Depending 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.

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ITR forms applicable for individuals AY 2022-23

ITR forms applicable for individuals AY 2022-23

The 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.

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5 Benefits of Filing Income Tax Returns you may not be Aware of

5 Benefits of Filing Income Tax Returns you may not be Aware of

Filing 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.

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What is the Impact of Delay in filing for Income tax return (ITR)

What is the Impact of Delay in Filing for Income Tax Return (ITR)?

Every 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.

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Mistakes one must avoid while filing Income Tax Returns

Mistakes one must avoid while filing Income Tax Returns

If 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.

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How to File Income Tax Returns for a Salaried Employee (FY 2020-21)

How do you file IT Returns for a Salaried Employee? (FY 2020-21)

The 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.

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What is Direct Tax in India and what are its Types?

What is Direct Tax in India and what are its Types?

The tax structure in India broadly consists of two types of taxes, namely indirect tax and direct tax. Understanding the basic framework and the components of these taxes can help you become more financially literate. In turn, that can assist you in managing your money and your investments better.

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What is Indirect Tax and what are its Types?

What is Indirect Tax in India and what are its Types?

India 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.

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How to File ITR?

Step by Step Guide to Filing ITR Online

Paying your taxes on time is important. But in addition to that, you also need to file income tax returns (ITRs) within the time specified. Not sure what an ITR is and how to file ITR online? Keep reading to learn more about this process.

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Types Of ITR

Types Of ITR – Which ITR Should I File?

Filing 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.

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Income tax slabs

Income Tax Slabs - New Income Tax Slabs 2021 & Tax Rates for FY 2021-22

Paying taxes can be a tedious process as it requires you to be well-versed with the rules and norms pertaining to how to do so. This article seeks to aid readers by providing them with an understanding of income tax slabs and the differences that persist between the Old Tax regime and the New Tax regime. As taxpayers, individuals are entitled to prescribe to either one of their choices.

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Advance tax

Advance Tax

Paying 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.

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Bajaj Allianz Life Insurance Company Ltd.

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~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.