• About Us
  • Our Partners
  • Become an Advisor
  • NRI
  • QROPS
  • Careers
  • Public Disclosures
Select a language English
  • Pay Premium
  • COVID-19
    Assistance
    Covid-19 Crisis
  • Our
    Products
    • Protection Plans
    • Savings & Investments
    • Retirement & Pension
    • Group Business
    • QROPS
    Covid-19 Crisis
  • Our
    Funds
    • Fund Fact Sheet
    • Market Review
    • Check NAV
    • Market Highlights
    • Annual Fund Review 2021-22
    • Covid-19 Crisis
  • Knowledge
    Center
    • Blogs and Articles
      Term Insurance early bird offer

      With Term Insurance - It pays to be an early bird

      View All

    • Video library
      keep your family secured

      60 seconds is all it takes to keep your family secured!

      View All

    • FAQ

      What is the claims process at Exide Life Insurance?

      View All

  • Planning
    Tools
    • Calculate How Much
      Life Cover You Need
    • Risk Analyser
      Life Insurance
    • Child Education Planner
      Number
    • Know Your Retirement
      Number
    • Investment
      Calculator
  • Customer
    Service
    • Premium Payment Options
    • Self Service

    • Instant sign-up for Auto Debit
    • All Claims
    • Download Center
    • Term Insurance early bird offer

      Track your Application

    • Term Insurance early bird offer

      Track your
      Claim

    • Track your Service Request

Eng
Pay Premium
  • Our Products
  • Our Funds
  • Knowledge Center
  • Planning Tools
  • Customer Service
  • About Us
  • Our Partners
  • Become An Advisor
  • NRI
  • QROPS
  • Careers
  • Public Disclosures
  • Share via:
    • Home/
    • Our Funds /
    • Knowledge Center/
    • Blogs and Articles/
    • Avoid these tax saving mistakes

  • Categories:
  • Term Plan
  • Health Plan
  • Savings and Investments
  • Retirement
  • Tax Planning
  • Services
  • All

Avoid these tax-saving mistakes

  • Min
  • Views
  • Tax saving should not be a last minute exercise begin it from the start of financial year
  • Various investment instruments help reduce your taxable income and save on your taxes
  • Link the benefits from these tax saving investments to your life goals
MAR_DI_350

We have always professed the need to start saving on taxes right from the beginning of the financial year. In doing so, you can plan your tax outgo as well as savings a lot more efficiently. Take advantage of tax-saving deductions to minimize your tax outgo as much as you can, but at the same time do not commit some of these mistakes.

Not maximising Section 80C limit: An individual or HUF can save taxes up to Rs 1.5 lakh under Section 80C of the Income Tax Act. However, there are instances, when taxpayers do not maximise this limit in a financial year. Plan your tax-saving investments in such a way that you’re able to take the benefit of the deductions made available. Likewise, spread this limit through the year to make the most of your savings potential. If you are salaried, check with your HR or accounts manager on the quantum of PF deduction. Once you know this sum, you know, what is left for you to act.

Map tax savings to financial goals: Do not view tax savings in isolation. To maximise your tax savings, optimise the available options to fit in with your financial goals. For instance, do not view life insurance solely as a tax saving instrument — it has far greater value to your life, when viewed as insurance. You should also factor PF contributions under your retirement goals than treat it as an unimportant expense.

“In your enthusiasm to save taxes, do not commit mistakes that will come to haunt you later”

Last minute rush: Do not wait for the last few months of the tax season to save taxes. Tax-saving investments made at the last moment won’t allow you to benefit from them entirely. Start saving and investing in tax-saving avenues at the beginning of a financial year, by planning your investments in different tax saving options like PF, insurance, fixed deposits, PPF and pensions. The more time and thought you give to your tax-saving investments, the more you will be able to benefit from them.

Ignoring basic exemption: Don’t let ignorance get the better of you. Know the deductions that you can claim like children’s tuition fees, medical insurance, LTA etc. Learn about all the expenses that are eligible for tax deductions under various sections of the Income Tax Act.

These are broad mistakes that one commits when it comes to tax-saving that are repeated too often. Have the upper hand when planning with taxes this year, than lose out on ways to save money.


Tax Planning
  • Likes
  • Shares

Connect with us

Name is a required field
Age is a required field
Gender is a required field
City is a required field
Email is a required field
Mobile is a required field
You have exceeded the number of times an OTP can be generated, request you to please try after sometime.
I have read and agree to the disclaimer

Disclaimer


By submitting your contact details (Telephone number), you authorize Exide Life Insurance and/or its authorized service provider to verify the above information and/or contact you in relation to the insurance products sold by Exide Life insurance even if this telephone number is presently or subsequently registered on the Provider. Do Not Call/Do Not Disturb Register or the National Do Not Call Register.

Enter the OTP which was sent to your number

Please enter new Mobile
OTP is a required field
You have exceeded the number of times an OTP can be generated, request you to please try after sometime.
Submit Change Mobile Resend OTP

*The OTP will be valid only for the next 15 minutes. In case, if you have not received the OTP, click on Resend OTP.

Verification Successful

Thank you for visiting our website and showing interest in Exide Life Insurance. Our representative will get in touch with you shortly.

Back To Home

Related Articles

Related Articles

Related Videos

Related Videos

You may also like this

Tax Benefit through Life Insurance

To enjoy Tax Benefits through Life Insurance, just follow 2 simple steps

Calculate Now

You may also like this

Tax Benefit through Life Insurance

To enjoy Tax Benefits through Life Insurance, just follow 2 simple steps

Calculate Now

Connect with us

Name is a required field
Age is a required field
Gender is a required field
City is a required field
Email is a required field
Mobile is a required field
You have exceeded the number of times an OTP can be generated, request you to please try after sometime.
I have read and agree to the disclaimer

Disclaimer


By submitting your contact details (Telephone number), you authorize Exide Life Insurance and/or its authorized service provider to verify the above information and/or contact you in relation to the insurance products sold by Exide Life insurance even if this telephone number is presently or subsequently registered on the Provider. Do Not Call/Do Not Disturb Register or the National Do Not Call Register.

Enter the OTP which was sent to your number

Please enter new Mobile
OTP is a required field
You have exceeded the number of times an OTP can be generated, request you to please try after sometime.
Submit Change Mobile Resend OTP

*The OTP will be valid only for the next 15 minutes. In case, if you have not received the OTP, click on Resend OTP.

Verification Successful

Thank you for visiting our website and showing interest in Exide Life Insurance. Our representative will get in touch with you shortly.

Back To Home

Connect with us

Name is a required field
Age is a required field
Gender is a required field
City is a required field
Email is a required field
Mobile is a required field
You have exceeded the number of times an OTP can be generated, request you to please try after sometime.
I have read and agree to the disclaimer

Disclaimer


By submitting your contact details (Telephone number), you authorize Exide Life Insurance and/or its authorized service provider to verify the above information and/or contact you in relation to the insurance products sold by Exide Life insurance even if this telephone number is presently or subsequently registered on the Provider. Do Not Call/Do Not Disturb Register or the National Do Not Call Register.

Enter the OTP which was sent to your number

Please enter new Mobile
OTP is a required field
You have exceeded the number of times an OTP can be generated, request you to please try after sometime.
Submit Change Mobile Resend OTP

*The OTP will be valid only for the next 15 minutes. In case, if you have not received the OTP, click on Resend OTP.

Verification Successful

Thank you for visiting our website and showing interest in Exide Life Insurance. Our representative will get in touch with you shortly.

Back To Home
  • Key Links

  • Buy Online
  • Buy Guaranteed Returns Insurance Plan
  • Buy Zero Cost Term Insurance
  • Buy Term Plan with Return of Premiums
  • Buy Heart & Cancer Insurance
  • Buy Single Premium ULIP Plan
  • Buy Investment with Insurance Plan
  • Buy Savings cum Insurance Plan
  • Buy 5 Pay Savings Plan
  • Buy Unit Linked Pension Plan
  • Buy Simple & Affordable Term Plan
  • Buy Guaranteed Income Benefit Plan
  • Get a Quick Quote
  • Term Plan Calculator
  • Financial Calculator
  • Have Queries?
  • To Buy Policy Online : 1800 419 0808
  • For Policy Servicing : 1800 419 8228
  • Write to Us
  • Life Insurance Plans
  • Smart Term Pro
  • Smart Term Edge
  • Saral Jeevan Bima
  • Term Insurance Comparison
  • Critical Illness Insurance
  • Term Riders
  • Retirement & Pensions
  • QROPS
  • Health Insurance
  • Critical Illness Rider
  • Group Insurance Scheme
  • Group Insurance Policy
  • Group Term Life Insurance
  • Group Gratuity Scheme
  • Group Critical Illness Insurance
  • Investment Options
  • Endowment Plans
  • Endowment Assurance Plan
  • Secured Income Insurance Plan
  • Long Term Investment
  • Tax Savings Investments
  • Single Premium ULIP Plan
  • Child Plans
  • Child Investment Plans
  • Customer Service
  • Track your Application
  • Track your Service Request
  • Register for Auto Debit
  • Claims
  • Claim Forms
  • Track your Claim
  • Check Unclaimed Amount
  • About Us
  • Management Team
  • Media Centre
  • Awards and Recognition
  • Corporate Social Responsibility
  • Forms
  • My Money Book
  • FAQs
  • Term Insurance FAQs
  • Online Term Insurance FAQs
  • Life Insurance FAQs
  • Retirement & Pension FAQs
  • Child Plans FAQs
  • Savings and Investments FAQs
  • Blogs and Articles
  • Video Library
  • Security Tips
  • Privacy Policy
  • Tax Center
  • Withdrawn Products
  • Sales Illustrator
  • My Connect
  • About E-insurance
  • Terms of Use
  • New Business Premium
  • IRDAI
  • policyholder.gov.in
  • Member of the Life Insurance Council
  • IRDAI IGMS
  • Modification in NAV Computation
  • Grievance Redressal
  • Disclaimer
  • DNC (Do Not Call)
  • Intellectual Property Rights
  • Phishing
  • API & Development
  • HDFC Life

IRDAI notice : Beware of Spurious/ Fraud Phone Calls: IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Exide Life Insurance Company Limited.
IRDAI Registration Number: 114, CIN:U66010MH2000PLC377660
Registered Office: First Floor, Unit No.5 to 8, Inizio Building, Opp P&G Plaza, Cardinal Gracious Road, Chakala, Andheri East, Mumbai – 400 099, India
Corporate Office: Third Floor, JP Techno Park, No. 3/1, Millers Road,
Bangalore- 560 001, India.
2022 Exide Life Insurance Company Limited. All rights reserved.

  • IRDAI Public Notice on Spurious Calls
  • Sitemap
  • FAQ
  • © 2022 Exide Life Insurance Company Limited
loading

Please rotate your screen for
optimal experience

    • Share via:
Buy Online :
  • Smart Term Edge
  • Single Premium ULIP
  • Locate a Branch
  • Service Queries
  • Speak to our Expert
  • Smart Term Edge
  • Single Premium ULIP
  • Locate
  • Speak to our Expert
  • Buy

Have Us Call You

Disclaimer


By submitting your contact details (Telephone number), you authorize Exide Life Insurance and/or its authorized service provider to verify the above information and/or contact you in relation to the insurance products sold by Exide Life insurance even if this telephone number is presently or subsequently registered on the Provider. Do Not Call/Do Not Disturb Register or the National Do Not Call Register.

Please enter first name
Please enter a valid Birth date
Please enter a valid email id
Please enter mobile number Please enter valid number
Please select gender
Please select state
Please select city
Please select best date to call
Please select best time to call
Please select Preferred purchase mode
Please select Where did you find about us
Disclaimer Disclaimer
Generate OTP Reset

*Clicking on Generate OTP will send a One Time Password to the entered Mobile Number. Please use this password for verification

Enter the OTP which was sent to your number

Please enter OTP Please enter correct OTP or Regenerate OTP Your OTP has expired. Please Regenerate OTP.
Submit Please wait Re-generate OTP
You have exceeded the number of times an OTP can be generated, request you to please try after sometime.
OTP Regenerated. Please enter the new OTP
*The OTP will be valid only for the next 15 minutes. In case, if you have not received the OTP, click on Regenerate OTP.

Have Us Call You

Verification Successful

Thank you for visiting our website and showing interest in Exide Life Insurance. Our representative will get in touch with you shortly.

 

Back To Home