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Is Life Insurance Tax Deductible for Self Employed?

Self-employed individuals in India can claim tax deductions on their life insurance premiums. The amount is calculated by deducting the amount from the total taxable income. The life insurance cover that is bought for self-employment purposes is not taxed as income. However, if the individual has a separate salary and also gets a self-employment income, then it will be taxed as a salary.

Is Term Insurance Tax Free?

Term insurance is tax-free under Section 10(10D) of the Income Tax Act.

Is Life Insurance Tax Deductible?

Yes, the government promotes life insurance by offering tax deductions on the premium paid for them, under Section 80D of the Income Tax Act, 1961. The benefit is available to individuals or families on life insurance premiums paid.

Is Postal Life Insurance Maturity Amount Taxable?

Yes, It is Postal Life Insurance Maturity Amount Taxable. Postal Life insurance was introduced on 1st Feb 1884 as a welfare scheme for the benefit of postal department employees which was later extended to the employees of the telegraph in 1888. Postal life insurance covers the life of customers against death or disability and is the same as the term life insurance or any other life insurance products. Postal life insurance offers a different range of products such as Whole life insurance, Annuity insurance, term insurance, etc.

Can I Get the Term Insurance if My ITR is Low?

Yes, you can get term insurance even when your income tax returns are low. But you cannot buy term insurance without income proof.

Can I Save Tax on Term Insurance?

Yes, you can get tax benefits under sections 80C and 10(10D) income tax benefits as per income tax Act l1961.

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