Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
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.
Kotak E-Invest
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
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.
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!
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:
E-filing is compulsory:
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.
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.
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.
Even if your employer does not pay HRA, you are eligible to claim a deduction. The same is available under section 80GG if you:
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.
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.
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.
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.
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Ref. No. KLI/22-23/E-BB/492
