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Need help req

30 March 2013

Hi,

I have a lots of doubts about Tax deduction.... Everymonth in my salary my employer is deducting some amount as a incometax, I wanted to know wheather I'll get a refund for the same from income tax or not... whats the way to get the refund from incometax?? I am planing to get the life insurance with a premium of 12000/- or 24000/- per year... I am planing a pay on montly basis 1000 or 2000 PM, If a pay one month premium can I show that as a investment proof to income tax???

Regards,

Naresh

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2 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 31 March 2013

Before computing your income, one cannot determine your tax liability. In case there is a tax liability, it will be reduced to the extent of tax deducted by your employer. And if your employer has deducted income tax more than your tax liability, you are entitled to receive a refund from income tax dept provided you file your IT returns.

It is better to pay yearly premium because monthly premium will attract more administrative cost.