advance tax

sir my name is sunil i really don’t know much about incometax………but i had one doubt related to income tax …….we wanna take a term insurance policy in the name of my mother, but it needs that to show some income proofs of the insured person, we but we don’t know how to proceed , at that time one of my relatives said that to pay some advance tax in the name of my mother , and added that we can submit that advancetax payment slips to the priavate insurance company as per income proofs……………….is it correct or not………..what is advance tax,,,,,,,,please send me detailed reply as early as possible…………

asked Mar 09 '12 at 13:52 by gvk 111

Insurance company would need form-16, Income tax return or CA certificate for income proof. Just paying advance tax and showing payment receipt won’t be considered as income proof.

If your mother has no income, why she should pay advance taxes. Term insurance company may not even issue policy in her name if she does not have much income.

answered Mar 09 '12 at 13:55 by Pankaj Batra 5.2k320


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Asked: Mar 09 '12 at 13:52

Seen: 1,777 times

Last updated: Mar 09 '12 at 13:55