Kotak Life

Buy a Life Insurance Plan in a few clicks


Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

9 Income Tax Myths That Could Cost You Money while Filing returns

9 Income Tax Myths That Could Cost You Money while Filing returns
  • 11th Oct 2019 |
  • 3,520

Anybody who earns an annual income above INR 5 lakh must file tax returns. However, there are several myths associated with filing income tax returns. Here are nine common myths that may cost you if you are not careful:

1. E-filing tax returns is not mandatory

E-filing is compulsory:

  • If you have filed returns during previous assessment years
  • When you need to claim a refund
  • When your annual income exceeds INR 5 lakh

2. One need not disclose the previous salary to the current employee

If you switch jobs during the financial year without disclosing the previous salary, the new employer will deduct tax on current earnings. However,tax liability is computed on total income during the year.

3. No tax is levied on interest

Your bank may levy tax deducted at source (TDS). However, you may still be liable to pay tax on interest earned via fixed account, recurring accounts, and savings accounts based on your tax slab.

4. Monetary gifts are not taxable

Monetary gifts received from family at your wedding, charitable organizations, and inheritances are not taxable. All other monetary gifts exceeding INR 50,000 are taxable.

5. No deduction on house rent allowance (HRA) if it is not given by your employer

Even if your employer does not pay HRA, you are eligible to claim a deduction. The same is available under section 80GG if you:

  • Have filed a declaration as per Form 10BA
  • Claim exemption under section 10(13A) when employer does not pay HRA
  • Do not own a home in the location where you partake in business activities or where you are a member of HUF (Hindu Undivided Family)
  • Are not a homeowner of a property that has been valued as per sections 23(4) (a) and 23 (2) (a)

6. Tax deduction is not available on home loan repayment

Another tax filing myth is that no tax benefit is available on repaying a home loan. However, deduction under section 80C of the Income Tax Act, 1961 provides income tax deduction

on principal repayment of the home loan up to INR 1.5 lakh. Additionally, you may claim benefits for the interest payment for self-occupied and leased property.

7. Mentioning a single bank account is sufficient

You may think that providing details of only one bank account to claim a refund is enough. However, it is important for you to provide details of all the banks accounts that you hold to ensure the refund is received in the correct account.

8. Once you file online tax returns, the procedure is complete

One of the common tax filing mistakes is the belief that the process is complete once the returns are filed online. However, it is not complete until you receive acknowledgement stating that the income tax return (ITR) filing is successful. You also need to e-verify the returns using your Aadhar number, or send a copy of the acknowledgement to the Central Processing Center in Bengaluru.

9. Electronic filing results in audits

While you may believe that online filing may increase the chances of an audit, in reality audits are not common. Only about 2% of the total returns filed are audited.

It is important to complete your tax planning well in advance to avoid any last-minute rush, thereby decreasing the possibility of costly mistakes.

Start Your Tax Savings Investment Now

Read Here for More Related Articles:

Kotak e-Term Plan


  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

How To Calculate The Amount Of Term Life Insurance You Need?

Tax Benefits of Term Insurance in India

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Which Death Type Does Your Term Plan Not Cover?

Is Term Life Insurance Plan an Investment or Expense?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

Insuring yourself against Ill Health with a Critical Illness Rider

8 Benefits of Term Insurance You Should Know

Term Plans are Definitely Cheaper than You Think!

Does Your Term Insurance Plan Cover Death Due to COVID-19?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

4 Methods to Calculate How Much Term Insurance You Need

Planning For Children's Future

Why Premium Amount for Term Insurance is So Low?

What is Insurance Premium - A Detailed Guide

What Should Be The Duration Of Your Term Plan in India?

5 Term Insurance Benefits for Single Women

Insuring Against Disability With Disability Insurance Rider

4 Reasons Why You Need Critical Illness Cover

Should Youngsters, Working Couples Buy Term Insurance Plans?

How Much Term Life Insurance Cover Do I Need in India?

Know How to Invest at Every Age for Larger Returns

Is Life Insurance Investment Worthy Enough

Difference between Term Insurance and Life Insurance

Why should single women purchase term life insurance?

What Types of Deaths Are Covered in a Term Insurance Plan?

Can Term Insurance Plans Be Purchased As A Gift?

5 Benefits of Early Retirement Planning

Reasons You Need Term Insurance Plan as a Self-Employed Person

Why 1 Cr Term Plan Is Necessary For Family?

Is a Term Insurance Policy Portable?

Why Buy Term Insurance Plan With a High Cover?

Term Insurance – Why You Must Include In Your Financial Planning?

8 Things To Do After Buying Term Insurance

While Buying Term Insurance Compare Features, Not Just Premiums

Eligibility Criteria for Buying Term Insurance in India

Is term Insurance Needed for People With No Dependents?

Why Should You Add a Rider to a Term Insurance Plan?

Planning For Son or Daughter's Wedding

What Are the Best Term Insurance Plans for Planning Retirement?

All you need to Know about Term Insurance Plans for Housewives

Why Married People Should Buy Term Insurance Under MWP Act?

Steps on How to Buy Term Insurance Online

Make Your Online Term Plan Your Family's Monthly Pay Cheque

5 Things To Consider While Buying Term Insurance Plan

Different Types of Premium in Term Insurance

Protection for your family

Why Buy Term Insurance Even at Rising Rates?

Is It Good To Buy A Term Insurance Plan In 2022?

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Is Group Term Life Insurance Provided By Employer Sufficient?

How to Surrender Term Life Insurance When you have No Liabilities

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Why Should You Buy Term Insurance in 2022?

Can You Increase Your Term Insurance Cover?

Different Types of Protection Plans

What are the Documents Required for Term Insurance Plan?

How Not To Get Your Term Insurance Claim Rejected

Is ₹1 Crore Term Insurance Good Enough Cover?

Advantages of Buying Term Insurance in Your 50s

Increasing Term Insurance and Riders

Comparing Term Plans – What Should You Look Out For

Term Insurance with Critical Illness

Calculating Term Insurance Premium

Ensure Protection Against Death, Disease & Disability With Life Insurance

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Why Term Plan Should Be The First Step To Securing Your Future?

Term Insurance Age Limit – Term Plan for All Age Groups

8 Factors to consider before choosing a Critical Illness Insurance

6 Reasons That Make Term Insurance a Must Buy

Term Insurance: Smokers vs Non-Smokers

Why Term Insurance Is Better Than ULIP?

Insuring Against Accidents with an Accidental Death Insurance Rider

Busting Myths and Facts About Term Insurance Policies

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Term Insurance Basics You Should Know

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

How Does Term Life Insurance Work? Learn the Benefits

Do I Need to Give a Medical Test for Term Insurance in India?

Do You Need Term Insurance Cover After Retirement?

What is Critical Illness Policy

Insuring Protection Against Death With Death Insurance Rider

Understanding Term Insurance Riders

How to Compare Term Insurance Online

Can I Make Changes to My Term Insurance Policy Post Purchase?

Term Plan with Spouse Cover

All About Term Insurance Inbuilt Coverage

How Much Term Insurance Do I Need

Make Your Online Term Plan Your Familys Monthly Payout

What All Documents Required For Term Insurance In India?

Should You Have Multiple Term Life Insurance Policies?

How To Choose the Right Term Insurance Plan?

How To Choose the Right Sum Assured Under a Term Plan?

What is Term Insurance - A Complete Guide

How to Identify Term Insurance According to Your Needs?

Top 3 Reasons Why You Should Buy A Term Plan Now

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Best Investment Plans for Children - Secure Your Child's Future

Is There Any Tax Benefit on Term Insurance?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Can I Get Term Insurance on Behalf of My Spouse?

Importance of Term Insurance at Every Stage of Your Life

9 Most Frequently Asked Questions on Term Insurance

What Happens if you Hide Facts in your Term Insurance?

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

What is a short term insurance policy?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Buying A Term Insurance Plan? Take These Factors into Account

9 Ways to Help Family Members in Financial Trouble

Individual Life Insurance vs. Group Term Life Insurance

How Does A Term Life Insurance Work in India?

Why Term Insurance Is Important in times of COVID-19?

Why is it important to buy term insurance plan?

Advantages & Disadvantages of Term Insurance in India

10-Year Term Life Insurance Policy - Explained in Detail

Choosing Riders for Insurance Plans

Term Insurance With Riders In India

Can Senior Citizens Avail Term Insurance?

What Are Insurance Riders and How to Choose Them in a Term Plan?

What Is the Correct Age to Buy Term Insurance?

How Much Cover Should I Take In A Term Plan?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

What Is a Renewable Term Insurance Policy?

Term Insurance Plans and Policies for Smokers

Should You Buy a Term Plan After 40?

Insurance Policy for Housewife In India

Why Should You Not Take A Term Plan Without Medical Test in India?

What are incremental term insurance plans?

6 Types of Death not covered in Term Insurance Plan

Cost of Term Insurance Likely to Increase Soon

Why does every working woman need life insurance?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Term Insurance Calculator - Everythng You Need To Know

Do Beneficiaries Pay Taxes on Term Insurance?

Why Should New Parents Buy Term Life Insurance?

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

What Should You opt for - Limited or Premium Pay?

Can I Extend the Tenure of My Term Insurance Plan?

How To Change The Nominee in Term Insurance?

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Does Term Insurance Cover Accidental Death?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

5 Reasons to Buy Term Insurance When You are in Your 30s

Tips to Choose the Right Term Period for Term Insurance Plan

Term Life Insurance Plan for Smokers vs Non-Smokers

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Everything About Claim Settlement Ratio for Term Insurance

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Gift Your Father A Term Insurance Plan This Father's Day

4 Things To Expect From Your Term Insurance Plan in India

Can I Buy Term Insurance for a COVID-19 Patient?

Endowment Plans vs Term Plans: Understanding the difference