The principle behind life insurance is simple, in theory. You pay small amounts after regular intervals, so that, a beneficiary of your choice gets a sum of money, in your absence, approximating what you would have earned. The idea is that should your family suffer a crisis that transcends finances, at least their finances won't be impacted too negatively. Your spouse and kids won't have to take on multiple jobs, beg for alms, nor lose the house and car. Many people don't understand why they need life insurance, when they should buy it or what type of policy would best meet their needs.
Taxpayers should still claim the TDS credit in their ITR even if it is missing from Form 26AS or AIS, say experts. The Income Tax Act protects deductees where tax has been deducted but not deposited by the deductor.
Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process.
