Tax Benefits - Frequently Asked Questions

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  1. what are the tax benefits available on pension plans?

    Under Section 80CCC, you can avail benefit of up to Rs.1.5 lakhs on the premium paid towards a pension plan (1.5 lakhs limit is inclusive of Sec 80 C). On maturity, one-third of the amount can be withdrawn and would be tax-free. Monthly pension receipts will be treated as income in the hands of the assessee and taxed accordingly. (As per current taxation law)

  2. can I claim tax benefit, if I pay premium for my wife/husband/dependent child?

    Yes, you can claim tax benefit under section 80C of the Income Tax Act, 1961, for the life insurance premium paid by you for your wife/husband/dependent child's policy. (As per current taxation law)

  3. I am looking for a Premium Paid Certificate for tax purpose. what should I do?

    Logon to our website and you will find a link to generate Premium Paid Certificate. Premium Paid Certificate is generated on the basis of financial year and is useful for claiming tax rebates.

  4. will I get any tax benefit for the premiums paid for my life insurance policy?

    Deduction is available under Section 80C of Income Tax Act, 1961 for the premium paid on life insurance policies with a maximum annual ceiling of Rs.1,50,000. (As per current taxation law)

  5. will my maturity proceeds be taxable?

    As per Sec 10 (10D) of Income Tax Act, 1961, maturity benefits are tax free in the hands of policyholders. At any point of time during the policy term, premium should not exceed 10% of minimum sum assured (As per current taxation law)