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Tax Saving Plans

Bajaj Allianz brings to you some simple tax saving plans to help to plan your taxes and invest your money well at the same time.

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Tax Saving Plans

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  1. Tax Saving Plans

  2. Have you paid tax on your interest income?

  3. Preparing to file your tax return? Make sure you have included all the interest income earned during the year. Although interest earned from infrastructure bonds, fixed deposits and recurring deposits is fully taxable, taxpayers often ignore this income in their returns. • Taxpayers also confuse the exemption for savings bank interest under Sec 80 TTA. Almost 29% of the respondents believed that interest of up to Rs 10,000 from bank FDs is tax free in a year. • There is also a misconception that there is no need to report the income if the bank has deducted TDS. But TDS is only 10%, and if your income puts you in the 20% or 30% tax bracket, you have to pay additional tax. Of course, if the income is below the basic exemption limit, the TDS will be refunded when the investor files his return. • These mistakes can put taxpayers in a tight spot now. In a circular issued last week, the Central Board of Direct Taxes has asked Tax Saving Plans to correctly declare the interest income they earned during the year in their tax returns.

  4. "Such interest income should be shown in the return of income even in cases where Form 15G or 15H has been filed if the earning is not exempt under Section 10 of the Income-tax Act and the total income of the person exceeds the maximum amount not chargeable to tax. • While Form 26AS shows only the TDS, the department can also track other deposits and interest payments received without TDS. "Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and state treasuries," warns the circular.

  5. Follow us on https://www.facebook.com/bajajallianzlifeinsuranceltd https://www.linkedin.com/company/bajaj-allianz-life-insurance-co-ltd- http://plus.google.com/+bajajallianz/posts https://twitter.com/bajajallianzLIC https://www.youtube.com/user/jiyobefikar https://instagram.com/bajajallianzlifeinsurance

  6. Click to know more on Tax Saving Plans: https://www.bajajallianzlife.com/save-tax.jsp Thank You

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