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.
5 things to keep in mind for people with multiple income sources
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Even as Income Tax filing has gotten easier over the years with newer and simpler forms, e-filing, and several other reforms in tax rules, it remains a dreadful task for many. Tax filing with multiple income sources can be especially confusing. Here are a few mistakes to avoid when filing an income tax return(ITR):
1.The right form: ITR 1 is for those who have income from one source such as salary, pension, a house or other sources such as interest etc. less than 50 lakh. Apart from these, if you have earnings from agriculture, capital gains, foreign assets, as a partner of a company as well as income from other sources, fill ITR2. While those self- employed or running a business need to fill ITR3 or ITR4 (depending on income) when they are tax filing with multiple income sources.
2.Disclose interest:9 out of 10 people do not report interest income from fixed deposits, recurring deposits and even tax saving deposits, out of ignorance. This is one of the mistakes to avoid when filing an income tax return. If the interest earned by you across all deposits in a financial year exceeds ₹10,000, tax deducted at source(TDS) is applicable, so you need to report this as earnings.
3.Dividend income and others: Dividends received on shares of companies, either Indian or foreign, need to be disclosed in the right ITR form for the purpose properly. If your total income from these is above the limit of ₹10 lakh, a tax rate of 10% is applied. Apart from this, capital gains from the sale of equity shares, equity mutual funds or property also need to be shared. Remember to provide details of the buyer if you have sold a property. Those with earnings abroad as well as foreign assets are also required to declare the same.
4.Income from the previous employer: If you have recently shifted jobs, remember to inform your new company about your earnings from the previous one. This is one of the critical mistakes to avoid when filing an income tax return. TDS on income from the previous employer would be reflected in your Form 26AS, and misreporting may result in a notice from the Income Tax department.
5.Filing tax is mandatory: If your net income before applying deductions available from 80C to 80U is above ₹2.5 lakhs, you need to submit a tax return. Even if you do not fall into the tax bracket, it is advisable to file a zero tax return for record purposes.
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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.
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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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