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You need to file your income tax return every year. If you chose to file your return online, you should take care of certain things. For example, you must select the correct ITR form. The form type depends on your residential status and the income earned in the financial year. You must also know the due date for filing the returns. If you fail to file the return on or before the due date, there is a heavy penalty. There are two tax regimes, and you must select the more beneficial one.
It is mandatory to link your PAN (Permanent Account Number) with Aadhaar. The last date to link them has passed, and if you have not done it, you need to take the necessary steps immediately.
As per the latest circular by the Central Board of Direct Taxes (CBDT), if your Aadhar and PAN are not linked:
If you link PAN-Aadhar before June 30, you will save Rs 500 as the fine. The first thing you should do is pay the fine and then go ahead and link your PAN and Aadhar.
You get below four options to verify your returns:
1. Use EVC to e-verify return
Here is the list of verification options available:
a) Digital Signature Certificate
b) Aadhaar OTP
b) Aadhaar OTP
d) Electronic Verification Code (using Bank ATM - offline method)
e) Net Banking
2. Generate Aadhar OTP to e-verify return
3. Send ITR-V/I later to e-verify
|Using Aadhar||Using EVC|
|If you have linked your PAN and Aadhar, you can opt for the third option.||If you have not linked Aadhar and PAN, you can still verify your Income Tax online using Electronic Verification Code (EVC).|
|Using the Aadhar option, you can e-verify your ITR in the least time.||You can generate EVC code by using net banking or through your mobile and email.|
|Once you select the third option, it will ask you to generate Aadhar OTP.||You get EVC by going to the 'e-File' tab, or you can generate it immediately after filing the return.|
|Once you click on it, a one-time password is sent to your registered mobile number.||From the e-File menu, once you click on Generate EVC, you get a 10-digit code on your registered mobile number.|
|Give the OTP on the page and click on Submit button.||Select the first option from the above four options and enter the 10-digit EVC on the next page and submit. Your return is verified.|
|You will get the confirmation - Return successfully e-Verified.|
You may think you are paying high taxes and may want to save on taxes. However, you don't want to make an investment or show any expenses. If this is the case, you can still save on taxes. You can opt for a new tax regime introduced in FY21 for individuals with lower tax rates and fewer deductions (exemptions).
If you don't have any deductions to be claimed, you can opt for a new tax regime and save taxes as below with no deduction or claims:
|Annual Income||Tax under Old Regime||Tax under New Regime|
|Up to Rs 7,50,000||Rs 65,000||Rs 39,000|
|Up to Rs 10,00,000||Rs 1,17,000||Rs 78,000|
|Up to Rs 12,50,000||Rs 1,95,000||Rs 1,30,000|
|Up to Rs 15,00,000||Rs 2,73,000||Rs 1,95,000|
Many tax-saving investment options can lower your tax liabilities. The good part about these investment options is that they also are a good option to build a future for yourself and your loved ones. Below are some tax-saving investment options that also help in creating wealth:
It is the retirement scheme for a salaried employee. The employer deducts 12% of your basic salary and Dearness Allowance (DA), and the amount gets deposited in government-recognized provident fund schemes.
ULIP is an excellent option for you if you are looking to invest in multiple asset classes and build tax-free wealth. ULIPs like Invest 4G from Canara HSBC life insurance allow you to hold the plan up to 99 years of age. That means you can use the same plan to save for your retirement and draw a tax-free lifetime pension after 60.
This is another investment option to secure your retirement. You can invest in NPS over the working years. The funds can only be withdrawn after retirement.
You should not only focus on creating wealth through your investment but also prepare for the worst-case scenario. You should have two basic protection plans:
It is the purest form of life insurance that offers you life cover at an affordable premium. You not only get a tax deduction, but it also keeps your family’s future safe from unfortunate events. An adequate term insurance cover will ensure a stable future for your family even after your untimely death. iSelect Smart360 Term Plan by Canara HSBC Life Insurance offers tax deductions as per Income Tax Act.
Learn more about iSelect Smart360 Term Plan.
Health insurance is another essential financial tool you should always have. You can have two types of health covers:
While both plans are eligible for tax deduction under section 80D, you need Mediclaim for the family and critical cover for yourself.
Health First Plan from Canara HSBC life insurance is a critical health insurance plan. This plan can also cover you against the early stages of heart failure and cancer. Thus, offering life-saving protection for you and your family.
The tax saving investment and instruments allow you to meet your financial needs while saving taxes. Tax saving investments like PPF, NPS, ULIPs, etc. help you achieve your long-term financial goals. Other tax-saving instruments like term and health insurance plans help you keep your family and investments safe from sudden emergencies.
Using tax-saving investments you can make your long-term investments more tax-efficient. So, use tax-saving investments while planning your long-term goals. This will also help you avoid the last-minute tax-saving rush every year.Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.