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

Save income tax by 31st March

down-arrow
April 09, 2019

The current financial month is about to close and this is the time to declare the Income Tax deduction and exemption related investments. For those of you who are salaried, this is the time when the employers ask you to declare your tax reimbursements claims. While filing the return claims, it is very essential for you to understand that the most common mistake that people make is that they wait until the last moment before filing their deduction claims. If the last date of the current financial year i.e. 31st March gets passed, then the reimbursements cannot be claimed in the current year. While planning to save Income Tax, there are certain things and checklist that you need to keep in mind. The important pointers are as follows:

  1. Under Section 80C of the Income Tax Act, 1961, the payable premiums towards a life insurance policy are eligible for tax exemption Therefore, while planning your tax calendar make it a point to keep a record of the premium receipts.
  2. Under Section 80C of the Income Tax Act, any contribution towards PPF or Public Provident Fund is eligible for tax exemption. The PPF account, however, comes with a long lock-in period of 15 years.
  3. Similarly, under Section 80G, the contributions made towards any scientific institution or religious body or charitable organizations are eligible for tax exemption (the limit of exemption varies, however, from 50% to a full exemption). The contributions made towards governmental funds such as PM's relief fund, also come under this purview.
  4. The contributions made as repayment in the form of EMIs towards a home loan are admissible for tax exemption.
  5. Under Section 80C of the Income Tax Act, all the contributions towards NSC (National Savings Certificate) are eligible for tax exemption.
  6. Under Section 80C, the contributions made towards Sukanya Samriddhi Yojana plan of the government of India are admissible for exemption.
  7. The health insurance plans and the contributions made as premiums towards the same are also eligible for tax exemption. This exemption comes under Section 80D of the Income Tax Act.
  8. ELSS or Equity-Linked Saving Schemes are mutual funds that offer diverse investment portfolio and serve as tax-efficient instruments that offer investment in share market and therefore, also offer high returns. Also, the benefit of investing in ELSS is that the lock-in period is three years and this makes ELSS investments ideal for short term financial goals. Contributions towards  an ELSS are eligible for tax exemption under Section 80C up to an upper capping of Rs 1.5 Lac in the current financial year.

HDFC Life offers various saving and investment plans that are aimed at making your monetary reserves grow and to ensure that there is sufficient financial stability for you and your loved ones at all times of requirement. For further 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 save tax on additional 50,000 income under section 80CCD (1B) Previous
Tax Benefits of HDFC Life Sanchay Plus 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