Call Us

FOR EXISTING POLICY

Have query on premium, payout or any servicing need?

Call us:

1 860 266 9966

Monday - Saturday | 10 am - 7 pm IST

Call charges apply

Dedicated NRI Helpdesk:

+91 22 6251 9966

Monday - Saturday | 10 am - 7 pm IST

Call charges apply

FOR NEW POLICY

Want to buy a new policy online?

Call us:

+91 22 6984 9300

Give missed call for a call back:

+91 11 6615 8748

Monday - Sunday | 8 am - 11 pm IST


Exclusively for NRIs:

Call us:

Give missed call for a call back:

+91 11 4473 0242

Monday – Sunday | 9 am – 9 pm IST

Language

Need assistance in choosing the right insurance plan? Get a call from our Expert.

Need assistance in choosing the right insurance plan?Get a call from our Expert.

+91 dropdown arrow

Select Plan dropdown arrow
  • Term plans
  • Saving plans
  • Wealth plans
  • Retirement plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in. T&C apply.

A Complete Guide on Tax Declaration

An Income Tax* Declaration involves providing detailed information about your income, expenses, and investments to the relevant tax authorities. This may include the total income from all sources, including insurance premiums, House Rent Allowance (HRA), housing or educational loans, etc.
 

As a taxpayer, you are liable to pay a certain amount of tax* to the government based on your income. As per the rules, your company or employer is responsible for taking out a portion of your income every month and transferring it to the government as tax.
 

However, one can claim their tax benefits with the help of a tax declaration. Below is a complete guide on what tax declaration is, how to fill out tax declaration details, different types of investment declarations, and the role of Form 12 BB.

What is an Income Tax Declaration?

An Income Tax Declaration in India refers to the process of providing detailed information about your income, expenses, investments and other financial matters to the government. It is based on the amount of what you earn, like your salary, profits gained from a business, rental income, etc.
 

The main purpose of a tax declaration is to calculate and report the amount of income tax that an individual or entity owes to the government.
 

As a thumb rule, you must file a tax declaration at the start of the financial year. Employees are also required to submit proof of their expenses or investments to support their declaration.

Steps to File a Tax Declaration on Your Income

By making use of the newly designed Income Tax portal, you can use a variety of functions intended to streamline the process of filing taxes. Enlisted below is a step-by-step guide on the income tax file declaration procedure. 
 

  1. Visit the official website of the Income Tax e-filing portal. 

  2. Search for the Income Tax Forms section and download the Income Tax Declaration Form 12BB. 

  3. Upon downloading, fill in the form for all your personal details. This may include your name, address, date of birth, gender, etc. 

  4. After filling out the personal details, make sure to include the tax declaration details such as housing loans, rental allowance, premium paid for life insurance plans (if applicable), personal investments, and other financial matters.

  5. Next, sign the form after checking all the relevant details and submit it to your employer.

What is Form 12BB?

 

The Form 12BB was created to calculate the tax to be deducted at source, also known as TDS. It was introduced under Section 192 of the Income-tax Act, 1961. The income tax declaration form applies to salaried employees who pay an income tax to the Government of India. 
 

In general, Form 12BB is a piece of document that employees use to declare their investments and expenses eligible for tax deductions. It is designed to document the particulars of claims by an employee for tax declaration payment.

Common Types of Investments and Expenses that Can Be Declared 

  1. House Rent Allowances (HRA)

    You can claim your house rent that is paid to the landlord in Form 12BB. In order to achieve this, you must provide the name of the landlord, PAN details and address for declaration.

  2. Leave Travel Concession (LTC)

    Leave Travel Concession is generally provided to employees by employers for travel expenses within the country. An employee can declare the Leave Travel Concession only if it is included in his salary package provided by the employer. 

  3. Home Loans

    You can declare the housing loan interest by providing your name and PAN card details. Apart from these, you must also provide the provisional interest certificate as proof, which can be generally issued from a bank.

  4. Life Insurance Premiums

    One must also provide details about the premium amount of their insurance policies. The premiums paid by you for life insurance policies are eligible for tax benefits under Section 80C of the Income Tax Act. You can claim this amount as the policyholder.

Wrapping Up

An Income Tax declaration is when you submit all your income information to the relevant tax authorities. The declaration includes all details about your gross income, profits, expenditures and investments. One must also provide a list of the deductions and exceptions they wish to apply for. 
 

Form 12BB is the document available where you can list what you want to claim as a deduction from your taxes. For instance, if you purchase a life insurance policy for yourself, your spouse, or your children, you can qualify for a deduction under Section 80C for the premiums you pay for the policy.

Want to Keep More of Your Hard-Earned Money? Speak to out expert

+91 dropdown arrow
  • +93 Afghanistan

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.


 

Looking to buy a new insurance plan?

Our experts are happy to help you!

+91

Select plan
  • Term plans
  • Saving plans
  • Retirement plans
  • Wealth plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in

People Like You Also Read

How Can You Grow Wealth and Save Tax Simultaneously?
Read More
Earn 1 Crore in 5 Years - Expert Tips & Strategies
Read More
How to Read ULIP Plan Benefit Illustration
Read More
4G ULIP vs. Mutual Fund – Which is the Best Investment Option? | Tata AIA Blog
Read More
Tips to Choose the Best Performing ULIPs in India 2024 | Tata AIA
Read More
What is a 4G ULIP? | Tata AIA Blog
Read More
What Are EET, ETE, & EEE Investment Options? | Tata AIA
Read More
Is PAN Card Necessary for Investment?
Read More
How To File Itr As An Oci On Indian Income
Read More

People Like You Also Read

How Can You Grow Wealth and Save Tax Simultaneously?
Read More
Earn 1 Crore in 5 Years - Expert Tips & Strategies
Read More
How to Read ULIP Plan Benefit Illustration
Read More
4G ULIP vs. Mutual Fund – Which is the Best Investment Option? | Tata AIA Blog
Read More
Tips to Choose the Best Performing ULIPs in India 2024 | Tata AIA
Read More
What is a 4G ULIP? | Tata AIA Blog
Read More
What Are EET, ETE, & EEE Investment Options? | Tata AIA
Read More
Is PAN Card Necessary for Investment?
Read More
How To File Itr As An Oci On Indian Income
Read More
Website Logo Image Icon

Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions (FAQs)

What is Tax Deduction at Source (TDS) in income tax?

TDS, or Tax Deduction at Source, is the money taken out by the government when an employee or taxpayer pays income tax for various things like rent, education, insurance policy premiums, housing loans and more. It is like a pre-payment of income tax.

How can I get the benefits of Section 80C?

If you purchase a life insurance policy for yourself, your spouse, or your children, you can qualify for a deduction under Section 80C for the premiums you pay for the policy.

What happens after income tax declaration?

After your income tax declaration is verified, the tax department processes your tax return. They send you a notice under Section 143(1) of the Income Tax Act, 1961 once the processing is complete. You will receive this notice through email and a message on your registered email ID and mobile number.

Why is tax declaration important?

Declaring your income for tax purposes is crucial because it helps determine the right amount of tax to be deducted from your income. By providing this information to your employer, you can claim tax benefits and reduce your overall tax burden.

Disclaimer

  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.

  • Tax: *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.