Paying Last Minute Taxes Easier

Paying Last Minute Taxes Easier

by

Monika Sharma

The time to pay taxes is coming closer. The deadline for the same is 31st March which pertains to the payment by means of self assessment. The person who has to pay tax and needs to file their returns must be having a difficult time. It is the last time for people to file their taxes after which the individual will be penalized for paying taxes late. Also, there are so many people who must be paying their taxes late. Therefore, there must be a huge crowd at the IT department office. Now, one does not have to go to the IT office. One can simply file their IT returns online on the web portal of the government provided for filing their returns.

Paying taxes is mandatory for everyone who earns above 2.2 Lakhs. This money paid by the citizens is used by the government for the development and infrastructure of the country. People who wish to save their earned money can avail various tax saving options. These have been listed in the Income Tax Act of 1961, under which there are many sections provided that enlist deductions eligible for deduction from the income tax to be paid. The most popular are the

Deductions Under Section 80C

. These allow people to avail deductions for investments up to 1 lakh. Some of the options provided are NSC, PPF, FDs, Life insurance, ELSS, ULIPs and so on. All these are provided under this section.

One of the most popular tools that most people adopt for saving tax is life insurance. It is a good means of investments and savings. It is opted for by most as it assures the individual that their family is protected even after their death. A life insurance is available in three forms, universal, term or whole. These three are each different types of insurance and provide different options. One of the major advantages of

Life Insurance

is tax saving along with the protection feature.

There are many companies in India that provide life insurance of all the three categories. One can also try

Online Insurance

. One can apply for insurance on the websites and get a life insurance immediately. The advantage of this is that one not only saves time and effort they also get the life insurance the easier way.

One can search online for the best deals that are provided for deduction from income tax and choose that best suits them. There are many options that are available both as saving instruments and as investment options.

I am currently working at India\’s First Financial Helpline. I have written many articles on insurance. This article gives the information on save tax under Section 80C and how to take Online Insurance with simple steps.

Article Source:

ArticleRich.com