Posted on: February 14, 2012 Author: Sudhir Kaushik
Very few people know that an insurance policy, if terminated before 3 years since purchase, makes the policyholder liable to pay tax on the tax benefits reaped from the policy under Section 80C. By not paying the tax on the policy tax benefits, it amounts to concealment of tax liability and could even invite a penalty.
Here are the common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012):
Sudhir Kaushik has been a practicing tax consultant for the last 17 years. He is a Fellow Chartered Accountant and conducts seminars in large companies to help salaried employees with income tax and investment queries. Sudhir brings domain knowledge of income tax laws and their compliance difficulties faced by individuals. He is the author of Income Tax Handbook For Salaried Employees for smart financial planning and investments for salaried people. He enjoys an excellent reputation and has a strong network in the corporate sector and public sector undertakings.
How new income tax returns forms will simplify your tax life
The government last month notified the new income tax returns forms. As per the new norms, an individual or HUF who does not have capital gains ...
Tax Filing Mistakes to Avoid in Your Return
Every year taxpayers not just in lakhs but in crores file their income tax return. Majority of them have done it more than once. For ...
Alternative to posting ITR-V after E-filing
Electronic alternative to posting signed ITR-V acknowledgement after e-filing is now possible. After your e-return has been uploaded by taxspanner to Income Tax Department e-filing ...
Instructions to send ITR-V to CPC
ITR-V is an acknowledgement slip generated on filing the income tax return online. This ITR-V is to be signed and sent to the Income tax ...
Obtaining a Correct Form 16 Early is Beneficial
What is Form 16?
Form 16 is a certificate issued by the employer to its employees in the beginning of the next financial year. This ...
BLOGS CATEGORIES & TAGS
Let our CAs and Tax Experts Help You e-File Your Return AccuratelyGet Help from Tax Expert