Author: Ankur Jhavery

Form 26AS and the Annual Information Statement (AIS) are two of the most important tax documents for every Indian taxpayer. They contain a comprehensive record of all taxes deducted or collected on your behalf, advance tax payments, and financial transactions reported to the Income Tax Department. Reviewing these documents before filing your ITR is essential to ensure accuracy and avoid notices. This guide shows you how to download both documents step by step.

What Is Form 26AS?

Form 26AS is your Tax Credit Statement. It is an annual consolidated statement that contains details of all TDS (Tax Deducted at Source) deducted on your income by employers, banks, and other deductors. It also shows TCS (Tax Collected at Source) collected against your PAN, advance tax and self-assessment tax paid by you, refunds received during the financial year, and high-value transactions reported through AIR (Annual Information Return).

What Is the Annual Information Statement (AIS)?

The AIS is a more comprehensive document introduced in 2021. It goes beyond Form 26AS and includes information about savings account interest, dividends received, securities transactions (shares, mutual funds, bonds), purchase and sale of immovable property, foreign remittances, rental income, and GST turnover. The AIS also allows you to provide feedback if any information is incorrect, making it an interactive document.

What Is the Taxpayer Information Summary (TIS)?

TIS is a derived summary of the AIS. While AIS shows all reported transactions, TIS shows the processed values after considering taxpayer feedback and deduplication. The TIS values are pre-filled in your ITR forms on the e-filing portal.

How to Download Form 26AS

Method 1: Through the Income Tax Portal

Step 1: Log in to incometax.gov.in

Visit the official Income Tax e-filing portal and log in using your PAN as user ID and your password.

Step 2: Navigate to Form 26AS

Go to e-File > Income Tax Returns > View Form 26AS. You will be redirected to the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website.

Step 3: Accept and Proceed on TRACES

On the TRACES website, confirm your PAN and click “Confirm”. Accept the usage agreement and proceed.

Step 4: View or Download

Select the Assessment Year you want to view. Choose the format — HTML for viewing on screen or PDF for downloading. Click “View/Download”. The Form 26AS will display or download with all your tax credit details.

Method 2: Through Net Banking

Many banks like SBI, ICICI, HDFC, Axis, and others provide direct access to Form 26AS through their net banking portals. Log in to your net banking, navigate to the tax section, and look for “View Form 26AS” or “Tax Credit Statement”. This method does not require separate registration on TRACES.

How to Download the Annual Information Statement (AIS)

Step 1: Log in to the Income Tax Portal

Visit incometax.gov.in and log in with your credentials.

Step 2: Navigate to AIS

Go to Services > Annual Information Statement (AIS). Alternatively, click on AIS from the dashboard quick links.

Step 3: Access the AIS Portal

You will be redirected to the AIS/TIS portal. The system will display your AIS for the current and previous financial years.

Step 4: View and Download

Select the financial year you want to view. The AIS will display all reported financial transactions organized by category — TDS/TCS, SFT (Specified Financial Transactions), payment of taxes, and demand and refund. Click on “Download” to save the AIS in PDF or JSON format. The JSON format is useful if you want to import the data into tax preparation software.

Step 5: Provide Feedback (If Needed)

If you find any incorrect or duplicate information in the AIS, click on the specific transaction and select “Feedback”. You can mark a transaction as “Information is correct”, “Information is not fully correct”, “Information relates to other person/year”, “Information is duplicate”, or “Information is denied”. Providing feedback helps the system correct your pre-filled ITR data.

How to Download TIS

The TIS is available on the same AIS portal. After accessing the AIS, switch to the “TIS” tab at the top of the page. The TIS shows the derived (processed) values of your income from various sources. These are the values that will be pre-filled in your ITR forms. Download the TIS to compare with your own records before filing.

Why You Must Check These Documents Before Filing ITR

• Avoid mismatches — If your ITR does not match Form 26AS or AIS data, you may receive an income tax notice.
• Claim full TDS credit — Ensure all TDS deducted is reflected correctly to claim complete credit.
• Identify unreported income — AIS may show income you forgot to include, such as bank interest or dividend income.
• Correct errors early — Use the AIS feedback mechanism to dispute incorrect entries before filing.
• Prevent demand notices — A thorough review prevents unexpected tax demands after processing.

Differences Between Form 26AS and AIS

Form 26AS primarily shows TDS, TCS, and tax payment information. AIS is broader and includes all financial transactions reported by banks, mutual fund houses, stock brokers, property registrars, and others. Going forward, AIS is becoming the primary reference document for filing ITR, and Form 26AS may eventually be phased out.

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Advance tax is income tax paid in installments during the financial year, instead of paying the entire amount at the end of the year. For self-employed individuals, freelancers, and business owners, paying advance tax is mandatory if your total tax liability exceeds Rs 10,000 in a financial year. Failing to pay advance tax on time results in interest penalties. This guide explains the complete process of paying advance tax online.

What Is Advance Tax?

Advance tax is essentially a “pay as you earn” system. Unlike salaried employees whose tax is deducted monthly by their employer (TDS), self-employed individuals must estimate their annual income and pay tax in quarterly installments to the government. It applies to all taxpayers — individuals, firms, companies — whose estimated tax liability for the year (after TDS) exceeds Rs 10,000.

Who Must Pay Advance Tax?

You must pay advance tax if:

• You are a self-employed professional, freelancer, or business owner.
• You have income from sources where TDS is not deducted (rental income, capital gains, interest income).
• Your estimated tax liability after TDS exceeds Rs 10,000 for the financial year.

Note: Senior citizens (60 years or above) who do not have business or professional income are exempt from advance tax.

Advance Tax Due Dates for FY 2025-26

Advance tax must be paid in four quarterly installments:

• 15th June 2025 — At least 15% of the estimated annual tax
• 15th September 2025 — At least 45% of the estimated annual tax (cumulative)
• 15th December 2025 — At least 75% of the estimated annual tax (cumulative)
• 15th March 2026 — 100% of the estimated annual tax (cumulative)

If a due date falls on a Sunday or public holiday, the payment can be made on the next working day.

How to Calculate Advance Tax

Follow these steps to estimate your advance tax:

1. Estimate your total annual income — Include business income, rental income, capital gains, interest, and other sources.
2. Deduct eligible exemptions and deductions — Under sections 80C, 80D, etc. (if using Old Regime).
3. Calculate tax on taxable income — Using the applicable slab rates.
4. Add surcharge and cess — Health and Education Cess at 4%.
5. Subtract TDS already deducted — Check Form 26AS for TDS credits.
6. The balance is your advance tax liability — Pay this in quarterly installments.

Step-by-Step Guide to Pay Advance Tax Online

Step 1: Visit the e-Pay Tax Portal

Go to incometax.gov.in and click on “e-Pay Tax” under the Quick Links section. Alternatively, you can directly visit the e-filing portal and navigate to e-File > e-Pay Tax.

Step 2: Enter Your PAN

Enter your PAN number and mobile number. An OTP will be sent to your registered mobile number for verification. Enter the OTP to proceed.

Step 3: Select the Correct Challan

Click on “Income Tax” and then “Proceed”. Select the Assessment Year (for FY 2025-26, select AY 2026-27). Under “Type of Payment”, select “Advance Tax (100)”. Enter the amount you want to pay.

Step 4: Choose Payment Method

Select your preferred payment method:

• Net Banking — Through your bank’s internet banking portal.
• Debit Card — Visa or Mastercard debit cards.
• Pay at Bank Counter — Generate a challan and pay at an authorized bank branch.
• UPI — Pay through any UPI app (for amounts up to Rs 1 lakh through some banks).
• NEFT/RTGS — Generate a mandate and pay through your bank.

Step 5: Complete Payment

After selecting the payment method, you will be redirected to the bank’s payment page. Complete the payment and you will receive a confirmation with a Challan Identification Number (CIN). Save and download this receipt for your records.

Step 6: Verify Payment

After payment, verify that it reflects in your Form 26AS. It typically takes 3-5 working days for the payment to appear. You can check under “Part C — Tax Paid” in your Form 26AS.

Interest on Late Payment of Advance Tax

Two types of interest are charged for non-payment or short payment:

• Section 234B — If total advance tax paid is less than 90% of the assessed tax, interest at 1% per month is charged on the shortfall from April to the date of filing.
• Section 234C — If you miss or underpay any quarterly installment, interest at 1% per month is charged for 3 months on the shortfall amount.

Tips for Managing Advance Tax

• Set calendar reminders for all four due dates.
• Estimate conservatively — it is better to overpay slightly and get a refund.
• Review your income estimates before each installment and adjust accordingly.
• Keep all challan receipts organized for reference during ITR filing.
• If your income is unpredictable, pay a larger chunk in later installments when you have better clarity.

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Registering on the Income Tax e-filing portal is the first step towards filing your Income Tax Return, checking your tax records, and managing your tax affairs online. Whether you are a first-time taxpayer, a freelancer, or a self-employed professional, this step-by-step guide will help you register on the portal quickly and easily.

Why Register on the Income Tax Portal?

The Income Tax e-filing portal (incometax.gov.in) is your one-stop platform for all tax-related activities. Once registered, you can file your Income Tax Return online, view Form 26AS and Annual Information Statement (AIS), check refund status, respond to income tax notices, download past ITR filings and intimation orders, link PAN with Aadhaar, and track the status of your PAN applications.

Prerequisites for Registration

Before you begin, make sure you have the following:

• Valid PAN card — Your PAN number is used as your user ID on the portal.
• Aadhaar card — For linking and e-verification purposes.
• Active mobile number — Registered with Aadhaar for OTP verification.
• Active email address — For receiving communications and password reset.
• Bank account details — Account number, IFSC code, and bank name.

Step-by-Step Registration Process

Step 1: Visit the Portal

Open your web browser and go to incometax.gov.in. This is the official e-filing portal of the Income Tax Department, Government of India. Make sure you are on the correct website — look for the government emblem and the “https” security indicator.

Step 2: Click on Register

On the homepage, click the “Register” button located at the top right corner of the page. You will be directed to the registration page.

Step 3: Select Your User Type

Select your user type from the options provided. For most individuals, select “Individual”. Other options include HUF, Company, Firm, and others. Click “Continue” to proceed.

Step 4: Enter Your PAN

Enter your 10-character PAN number. The system will validate your PAN against the database. If your PAN is already registered, the system will inform you and you can proceed to login instead. Click “Continue” after validation.

Step 5: Verify Your Identity

The portal will display your name and date of birth as registered with PAN. Verify that these details are correct. If there is a mismatch, you may need to update your PAN details first through NSDL or UTIITSL.

Step 6: Enter Contact Details

Provide your primary mobile number, secondary mobile number (optional), and primary email address. These details are crucial for receiving OTPs, password resets, and important communications from the Income Tax Department. An OTP will be sent to both your mobile number and email address for verification.

Step 7: Verify OTPs

Enter the OTPs received on your mobile and email. Both OTPs must be entered correctly within the time limit (usually 15 minutes). If you do not receive the OTP, you can click “Resend OTP” after the cooldown period. Make sure your mobile number is not on DND (Do Not Disturb) to receive the OTP via SMS.

Step 8: Set Your Password

Create a strong password following these rules: minimum 8 characters, at least one uppercase letter, one lowercase letter, one number, and one special character. You will also set a security question and answer for account recovery. Remember these credentials as you will need them for every login.

Step 9: Enter Additional Details

Fill in your personal information including current address, date of birth confirmation, and Aadhaar number. Linking Aadhaar during registration simplifies the e-verification process later when filing returns.

Step 10: Complete Registration

Review all the information you have entered and click “Register”. You will receive a confirmation message on screen and via email. Your registration is now complete, and you can log in using your PAN as the user ID and the password you created.

After Registration: Important First Steps

Once registered, complete these tasks to set up your account fully:

• Link your Aadhaar with PAN — Go to Profile > Link Aadhaar and verify. This is mandatory.
• Pre-validate your bank account — Go to Profile > My Bank Account and add your bank details for refund credit.
• Check your Form 26AS — View your tax credit statement to see all TDS deducted on your income.
• Download your AIS — The Annual Information Statement shows all your financial transactions reported to the IT Department.

Troubleshooting Common Issues

• “PAN already registered” — Use the “Forgot Password” option to recover your existing account.
• OTP not received — Check if your mobile number is linked with Aadhaar. Try after some time or use an alternate verification method.
• Name mismatch — Update your PAN details through NSDL/UTIITSL before registration.
• Portal not loading — Try a different browser (Chrome or Firefox recommended) or clear your browser cache.

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Every year between January and March, salaried employees are asked by their employers to submit investment proofs for tax deductions. If you do not submit these proofs on time, your employer will deduct higher TDS from your salary for the remaining months. This guide explains what investment proofs you need, how to organize them, and the step-by-step submission process.

Why Do You Need to Submit Investment Proofs?

At the beginning of the financial year (April), you declare your planned investments and expenses in a tax declaration form. Your employer calculates TDS based on these planned deductions. However, between January and March, your employer asks for actual proofs to verify that you have indeed made those investments. If you cannot provide proofs, the employer will recalculate your tax and deduct higher TDS in the remaining salary months.

When to Submit Investment Proofs

Most employers set a deadline between mid-January and mid-February. However, the deadline varies by company. Some organizations allow submission until early March. Check with your HR or payroll department for the exact deadline. It is best to start collecting proofs from December itself to avoid last-minute stress.

Complete List of Investment Proofs Required

Section 80C Deductions (Up to Rs 1.5 Lakh)

• ELSS Mutual Funds — Consolidated Account Statement (CAS) from CAMS or KFintech, or mutual fund statements showing investments during the FY.
• PPF — PPF passbook copy or deposit receipts showing contributions during the FY.
• Life Insurance — Premium payment receipt from the insurance company for the current FY.
• NPS — Transaction statement from CRA (Central Recordkeeping Agency) showing contributions.
• Home Loan Principal — Provisional certificate from the bank showing principal and interest breakup.
• Children’s Tuition Fees — Fee receipts from the school or college. Only tuition fee component is eligible.
• Sukanya Samriddhi — Deposit receipts or passbook copy.
• Tax-Saving FD — Fixed deposit receipt showing 5-year lock-in period.

Section 80D (Health Insurance)

• Health insurance premium — Premium paid certificate or receipt from the insurance company.
• Preventive health check-up — Bills and payment receipts (up to Rs 5,000).

Section 80CCD(1B) (NPS Additional)

• NPS Tier-I contributions — Transaction statement showing additional contributions up to Rs 50,000 beyond 80C.

HRA Exemption

• Rent receipts — Monthly rent receipts with landlord details, signed by the landlord.
• Rent agreement — Copy of the rental agreement.
• Landlord’s PAN — Mandatory if annual rent exceeds Rs 1,00,000.

Section 24(b) (Home Loan Interest)

• Home loan interest certificate — Provisional certificate from the bank showing interest paid or payable during the FY.
• Possession letter — Proof that you have received possession of the property.

Other Deductions

• Education loan interest (Section 80E) — Interest certificate from the bank.
• Donations (Section 80G) — Donation receipts with organization’s PAN and 80G registration number.
• Leave Travel Allowance (LTA) — Travel tickets and boarding passes for domestic travel.

Step-by-Step Submission Process

Step 1: Gather All Proofs

Start collecting all receipts, certificates, and statements from December. Download digital copies from mutual fund platforms, insurance company portals, and bank websites.

Step 2: Organize by Section

Group your proofs by tax section — 80C, 80D, HRA, 24(b), etc. This makes it easier for your employer’s payroll team to verify and process.

Step 3: Fill the Employer’s Form

Your employer will provide a tax declaration or investment proof form. Fill it accurately with the amounts for each deduction. Ensure the amounts match your actual proofs.

Step 4: Submit Through the Designated Channel

Most companies use HRMS portals like Darwinbox, Keka, or GreytHR where you can upload scanned copies. Some companies still accept physical copies. Upload or submit within the deadline.

Step 5: Verify Your Payslip

After submission, check your February or March payslip to ensure the deductions have been applied and TDS has been recalculated correctly. If there are discrepancies, contact your payroll team immediately.

Tips for a Smooth Submission

• Do not wait until the last moment — start your tax-saving investments in April itself.
• Keep digital copies of all proofs throughout the year in a dedicated folder.
• Ensure all documents show the current financial year dates.
• If you missed the employer deadline, you can still claim deductions while filing your ITR and get a refund.

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After filing your Income Tax Return and e-verifying it, the next question on every taxpayer’s mind is — when will I get my refund? Checking your income tax refund status online is easy and takes just a few minutes. In this guide, we explain the different ways to track your refund and what each status means.

When Can You Expect Your Refund?

Once you e-verify your ITR, the return is sent to the Centralized Processing Centre (CPC) in Bengaluru for processing. Typically, the processing takes 15 to 45 days from the date of e-verification. After processing, if a refund is due, the CPC issues it to your pre-validated bank account. The entire cycle — from e-verification to refund credit — usually takes 20 to 60 days, though it can vary.

Method 1: Check Refund Status on the Income Tax Portal

Step 1: Log In to the Portal

Visit incometax.gov.in and log in using your PAN as user ID and your password. Complete the verification step if prompted.

Step 2: Navigate to Filed Returns

Go to e-File > Income Tax Returns > View Filed Returns. This page shows all your previously filed returns with their current status.

Step 3: Check the Status

Find the relevant assessment year and check the status. You may see one of the following statuses:

• Return Submitted and Pending Verification — You have filed but not yet e-verified. E-verify immediately.
• Successfully e-Verified — Your return has been verified and is awaiting processing.
• Return Processed — CPC has processed your return. Click on the assessment year to see the intimation under Section 143(1).
• Refund Issued — The refund has been issued to your bank account. It typically takes 3-5 business days to reflect after this status appears.
• Refund Failure — The refund transfer to your bank failed, usually due to incorrect bank details.

Step 4: View the Intimation Order

Once the return is processed, click on “View Order” to see the Section 143(1) intimation. This document shows your declared income, computed income, tax payable, and refund amount (if any). Compare this with your original filing to check for discrepancies.

Method 2: Check on the NSDL/TIN Website

Visit tin.tin.nsdl.com/oltas/refund-status-pan.html (or search for “NSDL refund status”). Enter your PAN number and select the assessment year. Enter the captcha and click Submit. The site will show whether a refund has been determined, the amount, the mode of payment (ECS or cheque), and the date of issue.

Method 3: Check via the Income Tax App

Download the official AIS (Annual Information Statement) app or the Income Tax India app from the Play Store or App Store. Log in with your credentials and navigate to the refund status section. This provides the same information as the website but is convenient for checking on the go.

Understanding Refund Statuses in Detail

• “No e-Filing Has Been Done” — The system does not find a return for the selected assessment year. Check if you selected the correct year.
• “Return Is Being Processed” — Your return is in the processing queue. Wait for it to be completed.
• “Refund Determined and Sent to Refund Banker” — The refund amount has been finalized and sent to the State Bank of India (refund banker). Credit to your account should happen in 3-7 working days.
• “Refund Paid” — The refund has been credited to your account. Check your bank statement.
• “Refund Returned/Unpaid” — The refund could not be delivered. Common reasons include wrong bank details, closed account, or name mismatch.
• “Demand Determined” — Instead of a refund, the CPC has computed an additional tax demand. Review the intimation carefully and respond if you disagree.

What to Do If Refund Fails

If your refund fails due to incorrect bank details, log in to the income tax portal, go to Service Request > Refund Reissue, update your bank details, and submit the request. Make sure your bank account is pre-validated before requesting a reissue. The reissued refund typically takes 15-20 days to credit.

Interest on Delayed Refunds

If the Income Tax Department takes more than the specified period to process your refund, you are entitled to simple interest at 6% per annum under Section 244A. This interest is calculated from the date of filing (for returns filed on time) or the date of payment of tax (for delayed returns).

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Health insurance is not just about protecting yourself against medical emergencies — it is also a powerful tax-saving tool. Section 80D of the Income Tax Act allows you to claim a deduction for health insurance premiums paid for yourself, your family, and your parents. For self-employed individuals who buy their own health insurance, understanding Section 80D can lead to significant tax savings. Here is everything you need to know.

What Is Section 80D?

Section 80D provides a tax deduction for premiums paid towards health insurance policies. This deduction is available over and above the Rs 1.5 lakh limit under Section 80C, making it an excellent additional tax-saving opportunity. The deduction is available under the Old Tax Regime only.

Deduction Limits Under Section 80D

The deduction limits depend on who the policy covers and their age:

• Self, spouse, and dependent children (below 60 years) — Up to Rs 25,000
• Self, spouse, and dependent children (any member above 60) — Up to Rs 50,000
• Parents (below 60 years) — Additional Rs 25,000
• Parents (above 60 years) — Additional Rs 50,000

This means a person below 60 with parents below 60 can claim a total deduction of Rs 50,000 (Rs 25,000 + Rs 25,000). If parents are senior citizens, the total can go up to Rs 75,000 (Rs 25,000 + Rs 50,000). If both the taxpayer and parents are above 60, the maximum deduction is Rs 1,00,000.

What Expenses Qualify for Deduction?

The following expenses qualify under Section 80D:

• Health insurance premiums — For individual, family floater, or group policies.
• Preventive health check-up — Up to Rs 5,000 per year (included within the overall limit). This is the only component that can be paid in cash.
• Medical expenditure for senior citizens — If your parents are above 60 and not covered by any health insurance, you can claim actual medical expenses up to the applicable limit.
• Contribution to Central Government Health Scheme (CGHS) — Premiums paid to CGHS also qualify.

How to Claim Section 80D Deduction: Step-by-Step

Step 1: Ensure Payments Are Made Correctly

Health insurance premiums must be paid through non-cash modes — cheque, credit card, debit card, net banking, or UPI. Cash payments are not eligible for deduction, except for preventive health check-ups. Keep all payment receipts and premium certificates.

Step 2: Collect Premium Certificates

At the end of the financial year, your insurance company issues a premium paid certificate. Download this from your insurer’s website or app. The certificate shows the total premium paid, GST component, and the policy period. Note that only the premium amount (excluding GST) qualifies for deduction.

Step 3: Include Health Check-Up Expenses

If you or your family members underwent preventive health check-ups during the year, include those expenses up to Rs 5,000. Keep the hospital or diagnostic centre bills and payment receipts.

Step 4: Enter Details While Filing ITR

In your Income Tax Return form, navigate to the deductions section. Under Section 80D, enter the premium paid for self and family, premium paid for parents, and preventive health check-up expenses. The form will automatically calculate the eligible deduction based on the limits.

Step 5: Keep Documents Ready for Verification

While you do not need to upload documents while filing, keep them safely in case the Income Tax Department requests verification. Maintain premium receipts for at least 6 years from the end of the assessment year.

Section 80D for Self-Employed Individuals

Self-employed professionals do not get employer-sponsored health insurance, which makes Section 80D even more valuable. By purchasing a comprehensive health insurance policy for yourself (Rs 25,000 deduction) and your parents (Rs 25,000 to Rs 50,000 deduction), you can save between Rs 5,000 and Rs 30,000 in taxes depending on your tax bracket, while also ensuring medical protection.

Common Mistakes to Avoid

• Claiming deduction for policies paid on behalf of siblings or in-laws (not allowed).
• Paying premiums in cash (not eligible except for health check-ups).
• Forgetting to claim the preventive health check-up deduction.
• Claiming the full premium including GST (only base premium is eligible).
• Not buying separate coverage for parents, missing out on additional deduction.

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Term life insurance is the most affordable and straightforward form of life insurance. It provides a large sum assured to your family in case of your untimely death, at a very low premium. For self-employed individuals who are the primary breadwinners, term insurance is not a luxury — it is a necessity. Buying term insurance online is quick, convenient, and often cheaper than offline policies. Here is your complete guide.

What Is Term Life Insurance?

Term life insurance is a pure protection plan. You pay a fixed premium for a chosen tenure (say 20 or 30 years), and if you pass away during this period, your nominee receives the sum assured. Unlike endowment plans or ULIPs, term insurance has no maturity benefit — if you survive the term, you get nothing back. This is exactly what makes it affordable. A 30-year-old can get Rs 1 crore cover for as little as Rs 700-1,000 per month.

Why Self-Employed Individuals Must Have Term Insurance

As a self-employed professional, you do not have employer-provided group life insurance. If something happens to you, your family loses not just a loved one but also the primary income source. Term insurance ensures your family can maintain their lifestyle, pay off debts, fund your children’s education, and cover daily expenses — even in your absence.

How Much Cover Do You Need?

A common rule of thumb is to have a cover that is 10 to 15 times your annual income. Consider these factors when deciding your sum assured:

• Annual household expenses — Multiply by the number of years your family would need support.
• Outstanding loans — Home loan, car loan, personal loans.
• Future goals — Children’s education, their marriage, spouse’s retirement.
• Existing assets — Subtract savings, investments, and other insurance covers.

For example, if your annual income is Rs 12 lakh, you should consider a cover of at least Rs 1.2 to 1.8 crore.

Step-by-Step Guide to Buying Term Insurance Online

Step 1: Compare Plans Online

Visit insurance comparison websites or go directly to insurer websites. Compare plans from top insurers like LIC, HDFC Life, ICICI Prudential, Max Life, Tata AIA, and SBI Life. Key factors to compare include premium amount, claim settlement ratio (CSR), sum assured options, rider options, and policy terms.

Step 2: Choose Your Plan Features

Select the sum assured, policy term, and premium payment frequency. Consider adding riders such as accidental death benefit, critical illness cover, or waiver of premium. Choose between level cover (fixed sum assured) and increasing cover (sum assured increases annually to account for inflation).

Step 3: Fill the Application Form

Provide your personal details including name, date of birth, address, PAN, Aadhaar, income details, and occupation. As a self-employed individual, you may need to provide your ITR copies or business income proof. Answer the medical questionnaire honestly — misrepresentation can lead to claim rejection.

Step 4: Complete Medical Tests (If Required)

For policies with high sum assured (typically above Rs 50 lakh to Rs 1 crore, depending on age), the insurer may require medical tests. These usually include blood tests, ECG, and a basic health check-up. The insurer arranges these tests at your home or a nearby diagnostic centre at no cost to you.

Step 5: Make Premium Payment

Pay the first premium online through net banking, credit card, debit card, or UPI. Many insurers offer a discount of 5-10% for annual premium payments compared to monthly payments. Online policies are typically 10-20% cheaper than offline policies.

Step 6: Receive Your Policy Document

Once your application is approved (after medical underwriting), the insurer issues your policy document electronically. Download and save it securely. Inform your nominee about the policy details, including the insurer’s name, policy number, and claim process.

Tax Benefits of Term Insurance

Premiums paid for term insurance qualify for tax deduction under Section 80C up to Rs 1.5 lakh per year (under the Old Regime). The death benefit received by the nominee is fully tax-free under Section 10(10D).

Tips for Buying Term Insurance

• Buy early — premiums increase significantly with age.
• Choose a high claim settlement ratio insurer (above 95%).
• Do not underinsure — adequate cover is more important than low premium.
• Disclose all health conditions honestly.
• Review your coverage every 3-5 years as your income and liabilities change.

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A PAN (Permanent Account Number) card is one of the most essential documents in India. It is mandatory for filing income tax returns, opening bank accounts, making large financial transactions, and investing in mutual funds or stocks. Applying for a PAN card online is quick and simple. This step-by-step guide covers both fresh PAN applications and corrections or updates to existing PAN cards.

Who Needs a PAN Card?

Every individual or entity that earns taxable income in India needs a PAN card. Beyond that, PAN is required for various financial activities including opening a bank account or Demat account, buying or selling property, purchasing vehicles, making cash deposits above Rs 50,000, investing in mutual funds, shares, or bonds, and applying for credit cards or loans. For self-employed individuals and freelancers, PAN is especially critical as it is needed for receiving payments, filing GST returns, and managing business transactions.

Types of PAN Applications

• New PAN (Form 49A) — For Indian citizens, including individuals, HUFs, firms, and companies.
• New PAN (Form 49AA) — For foreign nationals and entities.
• PAN Correction/Update — For changes in name, address, date of birth, or other details on an existing PAN card.

How to Apply for a New PAN Card Online

Method 1: Through NSDL (Protean) Portal

Step 1: Visit the NSDL Portal

Go to onlineservices.nsdl.com/paam/endUserRegisterContact.html. Select “New PAN – Indian Citizen (Form 49A)” from the application type dropdown.

Step 2: Fill in Basic Details

Select your category (Individual, HUF, Company, etc.). Enter your title, last name, first name, middle name, date of birth, email address, and mobile number. An acknowledgment number and token will be sent to your email.

Step 3: Complete the Application Form

Fill in the complete form with your personal details including father’s name, Aadhaar number, source of income, address for communication, and office address (if applicable). Choose whether you want a physical PAN card delivered or only an e-PAN.

Step 4: Upload Documents

Upload scanned copies of your identity proof (Aadhaar, passport, or voter ID), address proof (Aadhaar, utility bill, or bank statement), and date of birth proof (Aadhaar, birth certificate, or class 10 marksheet). If you link Aadhaar and e-Sign, no physical documents are needed.

Step 5: Make Payment

The fee for PAN card is Rs 107 (including GST) for Indian communication address and Rs 1,017 for foreign address. Pay through credit/debit card, net banking, or UPI.

Step 6: Submit and Track

After payment, submit the application. You will receive an acknowledgment number. Use this number to track your application status on the NSDL website. The PAN card is typically delivered within 15-20 working days.

Method 2: Through UTIITSL Portal

Visit pan.utiitsl.com and follow a similar process. UTIITSL is the other authorized agency for PAN card processing. The fees and process are nearly identical to NSDL.

Method 3: Instant e-PAN via Income Tax Portal

If you have an Aadhaar card with a linked mobile number, you can get an instant e-PAN for free. Visit incometax.gov.in, click on “Instant e-PAN”, enter your Aadhaar number, verify with OTP, and your e-PAN is generated within minutes. This is the fastest method and is completely free of charge. However, this facility is only for individual applicants who do not already have a PAN.

How to Apply for PAN Card Corrections

If you need to update your name, address, photo, or other details, visit the NSDL or UTIITSL portal and select “Changes or Correction in existing PAN Data”. Fill in the form with your existing PAN number and updated details, upload supporting documents, make the payment, and submit. The corrected PAN card will be delivered within 15-20 working days.

Documents Required for PAN Application

• Proof of Identity — Aadhaar card, voter ID, passport, driving license.
• Proof of Address — Aadhaar card, utility bill (not older than 3 months), bank statement, passport.
• Proof of Date of Birth — Aadhaar card, birth certificate, matriculation certificate, passport.
• Passport-size photographs — Two recent color photographs.

Important Points to Remember

• Having more than one PAN is illegal and attracts a penalty of Rs 10,000.
• Link your PAN with Aadhaar to keep it active. Unlinked PANs become inoperative.
• Always keep a soft copy of your e-PAN for quick reference.
• PAN is required for all financial transactions above specified thresholds.

Start Your Financial Journey with Bachatt

Once you have your PAN card, you are ready to start investing. Bachatt makes it easy for self-employed individuals to invest in mutual funds with just their PAN and Aadhaar. Start building your wealth today with India’s favourite app for the self-employed. Download Bachatt now.