Myth: Insurance alone help to save Tax
Myth: Insurance alone help to save Tax The Central Board of Direct Taxes - Ministry of Finance extended the deadline to August 31 from the earlier July 31st, for Income Tax returns on Individual (Order u/s. 119 of the Income Tax act, 1961). There is a time that the Individual Tax payers rush to the Insurance Company / Agent to get their Tax Benefits. I don't want to criticize or against anyone here. But the truth is why we have to rush to buy the Insurance policies urgently on behalf of Tax Saving. We are aware that our regular pay check (Salary) will rise by every year and the Bonus or any incentives where we getting. Without a proper financial planning, buying an insurance product is nothing but, putting our hard earned money in a garbage. When we become a Tax Payer of a country, we can find the best way to get tax benefits. We thought that the Income tax is favored for the Corporate where we work for and the Government is involved in Tax Robbery. Most of us rely on the Insurance...
