Notifications10

  • Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal

    CALCULATE NOW
  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

    WATCH VIDEO
  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

    KNOW MORE
  • Here's a Comprehensive Tool To Plan Your Child's Future

    START NOW
  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

    WATCH VIDEO
  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

    PAY NOW
  • Know the right amount of Insurance you need in just a few steps!

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

    READ MORE
  • Know how to invest money during the covid-19 pandemic!

    READ MORE

Thanks for showing your interest. A representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead

X

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

banne-img banne-img

Tax Benefits* on Life Insurance Policy

calci-img

KNOW MORE

icon-img

* T&C apply | BJAZ-WB-EC-04977/23

×

*Tax benefifits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116.

×

*Tax benefifits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116.

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.

 

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

 

Did you know that there are many benefits of filing ITR? Yes, you read that right. Let’s take a look at 5 of them.

 

1. Refund of Excess Tax Paid

 

Now, there may be situations where the amount of tax that you paid in a year turns out to be in excess of what you owe to the income tax authorities. And when the amount of tax paid is more than your tax liability, you can claim a refund of the excess tax.

However, in order to do that, you would have to file your ITR within the due date, as applicable. It is not possible to get back the excess tax paid to the authorities without filing your ITR. And so, that is one benefit that you get to enjoy.

 

2. Reduction of Tax Liability

 

Another one of the benefits of filing your ITR is that you get to reduce your tax liability. The Income Tax Act, 1961 (the Act) allows you to claim several expenses as deductions from your total taxable income, which may reduce the amount of tax that you are required to pay, considerably.

Section 80C of the act, for instance, allows you to claim certain investments as deductions to the tune of Rs. 1.5 lakhs each year. Again, as iterated in the previous point, filing of the ITR is mandatory if you wish to claim such deductions.

 

3. Overseas Visa

 

Some countries, especially western nations like the United Kingdom, the U.S.A., and Canada, don’t process your visa unless you’ve filed your income tax returns. Since your ITR is basically a statement of the income that you make during a year, it gives them a way to assess your income and your capacity to meet all of the expenses associated with your trip. So, if you’re planning to take a vacation in the future, make sure that you file your ITR on time every year.

 

4. Loans and Credit Facilities

 

Many banks and financial institutions now require you to produce your tax returns as a proof of your income, to avail a loan or a credit facility. In case of big-ticket loans, financial institutions may even ask you to produce the copy of your ITRs for the previous three years.

This is especially true in the case of self-employed individuals since the ITR is considered to be irrefutable evidence of your income. Therefore, if you’re planning to avail a credit facility, ensure that you start filing ITR diligently.

 

5. Set Off and Carry Forward of Losses

 

And finally, unless you file your ITR on time, you will not be allowed to carry forward any losses over to the next year. And by extension, you also won’t be able to set them off against any subsequent profits that you may make, requiring you to pay full tax on the profits.

For instance, if you have any capital losses as a result of stock trading, you can carry them over to the next year and set them off against profits that you make during that year. This way, you can reduce your tax liability. However, this option is subject to the provisions contained in the Income Tax Act 1961 and is only made available to you if you’ve filed your ITR within the due date.

 

Conclusion

 

And there you have it. 5 key benefits of filing ITRs. Now that you’re aware of the advantages that you get to enjoy by filing your income tax returns, go ahead and ensure to file them well within the due dates. That said, before you start filing your ITR, make sure to use an Income Tax Calculator. This way, you can not only be sure of the amount of tax that you need to pay, but also be in a better position to plan your taxes.

BJAZ-WEB-EC-00158/22

#Survey conducted by brand equity – Nielsen in March 2020

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

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.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.