Tax Implication on maturity of Traditional Insurance Policy

For a traditional insurance policy, the maturity proceeds are tax free under Section 10(10D). The maturity proceeds of your  life policy will be tax free if the sum assured of your policy is more than 5 times the annual premium.

Maturity proceeds of insurance policies are tax free for:

• All policies issued up to 31.03.2003
• policies issued between 01.04.2003 to 31.03.2012 if sum assured is more than five times the annual premium
• policies issued from 01.04.2012 and on wards if sum assured is more than 10 times the annual premium

For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300

 

 

How to withdraw EPF?

Submit your PF withdrawal application directly to the regional PF Office

You may contact the Regional PF office. Get a PF withdrawal form, fill it and submit the same directly to the regional Provident Fund Office. This procedure requires identity attestation since the PF office would want to be sure whether the right person is applying for withdrawal. Hence, your withdrawal form needs to be attested.

For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300

 

E filing of IT Returns for Previous years

E-filing of IT returns for year 2014 - 15 & 2015 - 16

The I-T Department accepts tax returns for past two financial years

The I-T Department accepts tax returns for past two financial years. This means that you will be able to file returns for 2014-15. However, you cannot e-file your returns for 2013-14.

The deadline for filing returns for the Financial Year 2014-2015 was July 31, 2015. If you missed this deadline, you could file by March 31, 2016. If you missed the late deadline too, you can still file by March 31, 2017. But this might attract a penalty.

The returns filed after the due date i.e. 31st July or 30th September is considered as Late Return under section 139(4).

For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300