RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Why January Is Important Month for Tax saving

down-arrow
April 25, 2019

The taxation system in India is an extensive platform for revenue generation and the rules and regulations in place are very elaborate. Taxation forms the backbone of the economy and acts as the primary source of revenue generation for the country. In India, both-the Central as well as State governments levy taxes with constitutionally defined duties and assigned roles. While the State governments are responsible for collection of agricultural taxes, state excise, VAT (Value Added Tax) etc. the Central government is responsible for collection of Income Tax, Customs duty, Goods and Services Tax, etc. In India, taxes are broadly defined into two categories direct and indirect. Direct taxes are the taxes that are liable to be paid directly by the individuals, HUFs (Hindu Undivided Families), commercial and corporate bodies etc. These taxes are therefore, paid directly to the government by the mentioned entities and include income tax, corporation tax, wealth tax etc. The governing body for direct taxation in India is the CBDT (Central Board of Direct Taxes).

January being the first month of the year is the exact beginning point of all financial transactions that are then carried forward into the year. It is like a fresh beginning for financial-resource building and the reserves that you intend to create for meeting the expectations. Starting from the beginning of the year will give you a leverage that can be consolidated further as you head on to the details of the monetary planning. This includes the important part of tax-savings as well. Any investment choice or a decision that you take assumes significant implications only when there are tax-saving strategies in place. This is why taking a timely decision is very important so that the factor of time stays in your favour and you can avoid last minute tax-related hassles.

There are several advantages of early investments that you make in the beginning of the year:

  1. There are a lot of options available in the market where you can invest your money and choose the right kind of tax saving vehicle for building up your financial corpus. You could save more taxes from investments like mutual funds or ULIPs and reap additional benefits on the returns on your investment.
  2. Sections 80C and 10D of the Income Tax Act define and enlist the tax benefits on payable premiums and the earnest returns on your investment, respectively. Therefore, you get to choose viable options like investing in ELSS or Equity-Linked Savings Scheme, which is a mutual fund that gives you tax-benefits. In the process of investment, you get to avoid loads of paperwork or unwanted documentation, if you start early in the year.
  3. Starting early makes you reap the benefits of SIP or Systematic Investment Plan, thereby guaranteeing that regular and nominal amounts are set aside for the investment purposes and that in case of non-availability of funds, there is no requirement of any lump-sum payments as such.

HDFC Life presents various saving and investment plans that offer multiple avenues to help you save and grow your money. For more details, click on the mentioned link: https://www.hdfclife.com/savings-plans

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Income Tax Saving Tips for Young Earners

Income Tax Saving Tips for Young Earners

Many young earners are unaware of the whole tax system & its working. Here is a list of income tax saving tips for young earners to help them save more!

What is Tax Declaration Form? - Process to File Income Tax Declaration

Tax Savings Strategies for Salary above Rs 30 lakh in India

Best Investment Options for Senior Citizens in India

Find the best Investment Options For Senior Citizens in India with HDFC Life. Uncover senior citizen investment options tailored for stability and growth.

Best Investment Options for Senior Citizens in India
How to enquiry for TDS challan status Previous
Tax benefits through Sukanya Samriddhi Yojana Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches