What is the procedure to submit income tax?

I am employed in an UGC recognized state govt aided college. This is the first time I am subjected to income tax deduction and I would like to get my doubts clarified regarding it. First, is it compulsory for the college authority to deduct the income tax considering all kinds of income (salary, fixed deposit, bank interest) or can I submit the income tax through my personal tax consultant? What if I make mistake in calculating my income tax (more or less than the actual amount)? Second, when is form no. 16 required in the process?

Is Tata AIG Life InvestAssure Sampatti suitable for Investment to raise Wealth with risk factor?

I am from Kolkata,31 yrs,want to invest in the “Tata AIG Life InvestAssure Sampatti” for 10 yrs with a premium of 25000 pa. Please guide me whwther this plan is the best plan in the market comparison with other Insurance companies to make more money,moreover it is a ULIP plan. Please also guide me whether the tata AIG company is ok for secure investment. Please suggest me before my Investment so that I can Invest the best Insurance product with max. profits. Thanks