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What is Refund ? What is Refund? Income tax refund is a process by which the income tax department returns any excess tax paid by a taxpayer during a particular financial year. The amount of income tax refund claimed by taxpayer by filing ITR is subject to verification by the income tax department. Refund Days As per the procedure, Income tax department processes the refund only after you have filed and verified the income tax return. Generally, it takes 20 to 45 days from the date of e-verification of your income tax return to get your refund credited. How is Check Refund Status For check your refund status, go below shared link. Click for know your refund status Then, go below picture and follow the mentioned step:- Fill your pan card number Select your filed assessment year fill captcha code Click on proceed  

What is TDS & 26AS ? What is TDS ? TDS stands for tax deducted at source. As per the income tax act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department. What is 26AS ? Form 26AS is an annual consolidated credit statement issued under section 203AA of the income tax act, 1961. It contains details of various taxes  deducted on your income by detectors: be it your employer, bank or even a tenant.

Penalty - Relates Income Tax Return File Penalty for late income tax return file  The last date to file your ITR is 31st Aug every year. Not filing your ITR on time can lead to a penalty. 1. Penalty for late filing under section 234F As per u/s 234F of income tax act, if a person is required to an file income tax return as per the provisions the of income tax low [u/s 139(1)] but does not file it within the prescribed time limit then late fees have to be deposited by him while filing his ITR form. Late filing Penalty Amount:- Filing Data   Less than equal to 5 Lakh     Above 5 Lakh   Upto 31st August Rs. 0 fee Rs. 0 fee 1st Sep to 31st Dec  Rs. 1,000 Rs. 5,000 1st Jan  to 31st Mar   Rs. 1,000  Rs. 10,000 Payment of Interest Interest u/s 234A If you do not file income tax return on or before the due date, you would be required to pay interest at the rate of 1% for every month,...

Use Form For Income Tax Return File ITR - 1 For Individuals being a resident (other then not ordinarily resident) having total income upto Rs. 50 lakhs, having income form salaries, One house property, Other Source (Interest etc.), and Agricultural income upto Rs. 5 thousand (Not for an individual who is either director in a company or has invested in unlisted equity shares). ITR - 2 For individual and HUFs not having income from profits and gains of business or profession. ITR - 3 For individuals, and HUFs having income from profits and gains of business or profession. ITR - 4 Fro individuals, HUFs, and firms (other than LLP) being a Resident having total income upto Rs.50 lakhs and having income from business and profession which is computed under section 44AD, 44ADA, or 44 AE (not for an individual who is either director in a company or has invested in Unlisted Equity Shares). ITR - 5 For persons other than:- 1. Individual 2. HUF 3. Co...

Tax Slab FY -  19-20 or AY - 20-21 (Blow age 60 years) Up to Rs. 2,50,000 No Tax Above 2,50,000 - 5,00,000 5% + cess 4% Above 5,00,000 - 7,50,000 10% + cass 4% Above 7,50,000 - 10,00,000 15% + cass 4% Above 10,00,000 - 12,50,000 20% + cass 4% Above 12,50,000 - 15,00,000 25% + cass 4% Rebate u/s 87A for FY - 19-20 (AY - 20-21) you can claim tax rebate rebate this provision if you meet the following conditions: 1. You must be a resident individual 2. Your Total Income after deduction u/s 80 doesn't exceed Rs 5 lakh. The tax rebate is limited to 12,500. This means, If your total payable is less then or equal Rs. 12,500, then you will not have to pay any tax. Tax Slab FY -  19-20 or AY - 20-21 (Age 60 & above but less then 80 years) Up to 3,00,000 No Tax Above 3,00,000 to 5,00,00  5% + cess 4% Above 5,00,000 to 10,00,000 20% + cess 4% Above 10,00,000 30% + cess 4% Rebate u/s 87A for FY - 19-20 (AY - 20-21) you can claim ...

Benefits of Income Tax Return Filing Apply for Easy Loan Income and Address Proof Avoid Penalty Carry Foreword Your Losses Refund Claim Option to Aboard Apply for Easy Loan Filling the ITR will help individual, when they have to apply for a vehicle loan for 2 wheeler or 4 wheeler. House loan etc. All major banks will require for a copy returns. Income and Address Proof Income tax return can be used as a proof of your income and address. Avoid Penalty If you are required to file your income tax return but didn't. Then the tax officer impose a penalty for not return file and late return file. Penalty Amount:- A Penalty of Rs.5000/- will be levied if the return is filed after the due date but before December 31st of that year and 10000 post December 31st. However, as relief ot small taxpayers, if your income is not more than Rs. 5 lakh, the maximum penalty levied will be Rs. 1000/-. Carry ...

Before we start to income tax return first we have to understand  What is income? What is Tax? What is Income? Income is money that an individual or business receives in exchanges for providing a good or service or through investing capital. Income is used to fund day-to-day expenditures. For individual, income is most often received in the form of wages or salary. What is Tax? A compulsory financial charges contribution to state revenue, levied by the government on worker's income and business profits, or added to the cost of some goods, services, and transactions, Income Tax Return is the form in which assessee files information about his income and tax thereon to income tax department. Various forms are ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 & ITR7. When you file a belated return, you are not allowed to carry forward certain losses. The Income Tax Act, 1961, and the income tax rules, 1962, obligates citizens to file returns with the income tax depart...