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Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.

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Income Tax Documents Every Salaried Employee Must Maintain

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Posted on: Sep 22, 2022
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All salaried employees need to pay income tax. Income tax constitutes a significant source of revenue for the government. Almost all formal employers deduct tax at source before disbursing salaries to their employees. However, it is important for individuals to file tax returns every year to disclose other incomes or to claim a tax refund.

Income tax filing is not a simple process for salaried employees. While they need to have a lot of detailed information about their remuneration from their respective employers, the tax returns also require a lot of supporting documents to back those claims. This gets further complicated if the salaried employees have other sources of income, such as a side business or a profession, rental income from property or capital gains on stocks and mutual funds, etc.

Some income tax return forms are more detailed, which requires a more significant number of data points. This automatically means that you need more documents to support all the data that you are providing to the Tax Department.

The importance of having all the documents detailing your income and expenses (for claiming exemptions) can't be overemphasized. The tax department has moved to digital scrutiny of tax returns, and the system will flag any inconsistencies. It is recommended to have a proof for your claims as a way to avoid getting in trouble.

Before filing an Income tax return, it is advisable to be cautious and prevent any errors or mistakes in the declared data. While mistakes can still happen while filing, having original documents and proofs can limit the possibility of errors, collecting important documents well before filing your income tax returns will make the process quicker and easier for you. Some of the documents needed for Income Tax Returns for salaried employees are:

  • Aadhaar Number
  • Bank Account Details
  • PAN (Permanent Account Number)
  • TDS (Tax Deducted at Source) Certificates: Form 16, Form 16A, 16B, 16C, 26AS etc.
  • Tax Payment Challan
  • Original Return/Notice
  • Rent Agreement/Receipts (if any)
  • Withdrawn PF (Provident Fund) (if any)
  • Bonus (if any)
  • Interest Certificates (TDS – Tax Deducted at Sourcr certificate) for all your fixed deposits.
  • Agricultural Income (if any)
  • Life/Medical Insurance: Details for claiming deductions/exemptions
  • PPF (Public Provident Fund) Passbook: Investment details
  • Tax Saving FD (Fixed Deposit) details (if any)
  • Repayment Certificate for housing/education loan (if any)
  • Children Tuition Fees Receipts (if any)
  • Donation Receipts (if any)
  • Others (if any)

The list of documents above is only indicative as it may vary based on an individual's income and available exemptions. For some, additional documents may be required, while others may need fewer documents. It is advisable to collect all possible documents before starting to file and then use only those which are required in the tax returns.

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Generali Central Money Back Super Plan (POS Variant)

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Generali Central New Assured Wealth Plan (NON-POS Variant)

A guaranteed plan that helps you build wealth with confidence while securing your future.

Product UIN: 133N085V03

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Got Questions? We’ve Got Answers!

Here are answers to some of the questions you might have.

Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.

The right plan depends on your needs.

Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.

A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.

We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.

Reach out to us in any way that you prefer, and our team of experts will soon get back to you!

Disclaimers

Understand your policy better with key details and insights into our Generali Central Life Insurance.

This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.

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