Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Kotak Lifetime Income Plan
Retirement years are the golden years of life.
Our representative will get in touch with you at the earliest.
Ref. No. KLI/22-23/E-BB/492
Ref. No. KLI/22-23/E-BB/490
One of the most prominent income tax savings sections is section 10D of Income Tax Act. Visit now to know more about section 10D.
Financial planning is essential because it not only helps you make the most use of your money through sound investment decisions but also allows you to live the life you choose. A smart financial plan also teaches and assists you in saving money on taxes, which is one of its elements.
There is no doubt that saving money on taxes is at the top of everyone’s priority list; nevertheless, it is critical to use legal means to achieve your tax-saving goals and what comes to the rescue is a tax saver plan. A tax saver plan is where legal routes towards income tax savings sections come into play. One of the most prominent income tax savings sections is section 10D of Income Tax Act.
Section 10D of the Income Tax Act, 1961 pertains to the taxability of claims under which accrued bonuses or death benefits are exempted from tax. An individual can claim a tax exemption on the principal amount and accumulated bonus (if any) obtained through a life insurance tax saving claim under this section.
Terms and conditions regarding section 10D
Any money received from an insurance provider under a life insurance policy is liable to TDS (Tax Deduction at Source) at 2% under section 194DA of the Income Tax Act, 1961, unless the amount is exempted under section 10 (10D) as insurance tax benefits. This signifies that the TDS will not be applied on policy proceeds exempted under section 10(10D). Furthermore, if the earnings are taxable under section 10(10D) and do not exceed Rs 100,000, the insurer is not required to pay TDS.
Section 10D establishes life insurance as a genuine tax saver plan, and the benefits of insurance policies have been no secret. So, to strike two birds with one stone, get tax deductions and secure your family’s future with a life insurance policy.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
