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.
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.
Income Tax Return Explained and How the Filing Process Works
2 mins
1.9KWhat is ITR?
An Income Tax Return (ITR) refers to the form used by taxpayers to file records about their various sources of income. The form states their gross income for the financial year as well as the tax applicable to such income. There are different variants of the ITR forms - ITR 1, ITR 2 and so on, up to ITR 7. The ITR form to be selected depends on the category of taxpayer you belong. ITR 1, for example, is meant for Individuals having Income from salaries, one house property, and having a total income of up to ₹50 lakh.
These Income Tax Returns have to be filed on or before the deadline, which is usually the 31st of July. A penalty is applicable if you do not file the ITR by this due date . The amount of such a penalty differs on the basis of income and the magnitude of delay.
Who is required to file an ITR?
If your total gross income exceeds the limit of taxable income for a particular financial year, you are legally required to file an ITR . This means that as an individual, you are to file Income Tax Returns if your annual income exceeds ₹2.5 lakhs. If you are classified as a senior citizen, that is if you are between 60 and 80 years of age, the threshold is ₹3 lakhs and if you are a super senior citizen, that is aged above 80 years, the limit is ₹5 lakhs.
If your income doesn’t touch the respective threshold, it is not mandatory for you to file your income tax returns. However, even so, it is advisable to file a ‘Nil Return’ to maintain a record.Why? It serves the simple purpose of record keeping. ITR forms are also often considered proof of salary or employment, so it is always favourable if you file your ITRs.
What are income tax slabs?
Under our progressive taxation system for income tax, tax slabs are announced each year by the Finance Minister as a part of the Union Budget. The tax slabs are basically different groups that taxpayers are categorised into based on their annual income. Different rates of taxation are applied to different income groups.
How to file an ITR
You can file your ITR online on the website: incometaxindiaefiling.gov.in. Once you are registered as a user, you will find that a lot of information (like salary details, bank details)is pre-filled. You need to update these details as necessary and file for deductions and exemptions.
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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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