TDS or Income Tax REFUND PROCESS IN INDIA After getting refund order in India, how many days that the govt will take to give the refund? Friend to know about this, you must know about the TDS refund process in INDIA and and also what is TDS? SO 1ST WE KNOW SORTLY WHAT IS TDS? In short TDS is a kind of advance income tax cutting plan of Govt. of India before you calculate actually you are liable for that or not. Friends will discuss about tds in future post if you comment as you want a post about tds or not.  2. TDS OR ADVANCE TAX REFUND PROCESS in India. 1st you have to submit your income tax declaration in ITR form, then that was Verified by Income Tax Department of India. After verifying they will process your return and after successful processing if it noticed that the IT(INCOME TAX) DEPARTMENT is liable to pay tax to you then then send the 2 notification, one treasurer of income tax and 2nd to you. After treasure get the notification the treasuring department

INCOME TAX SLAB FOR AY 2021-22 / FY 2020-21 Today in this post we will discuss Income Tax Slab for FY 20-21 and AY 20-21  As per Budget 2018 in lieu of exemption of transport allowance and reimbursement of miscellaneous medical expenses. The Standard deduction limit for FY 2019-20 & FY 2020-21 the limit of the standard deduction is Rs 50,000. Date: 01 Feb, 2021 and as per  Budget 2021 - No changes in the Income Tax Slab Rate (old as well as new) for FY 20-21.(01-Feb-2021) What Is Income Tax? Well Friends Income Tax is a kind of direct tax levied by Central Govt. of India on personal Income of every individual, LLP, HUF, Company, and Partnership Firms, If their income is above trash hold limit for the particular Financial Year  set by the Govt. of India that is Central Govt. What is Income Tax Slub? As we know Income Tax is the tax levied on Annual Income of Individual or Firms total annual Income. And Income Tax Slab will decide that how much Tax will you pay for your annually i

The government via a press release dated October 24, 2020 has announced it has extended the deadline to file ITR, for most individual taxpayers , for financial year 2019-20 to December 31, 2020 from the earlier extended deadline of November 30, 2020. Remember, the government has extended the deadline of filing ITR from the original filing deadline of July 31 to November 30, 2020 due to novel coronavirus pandemic. Final Due date for ITR for F.Y. 2019-20 and A.Y. 2020-21 Extend due dates for filing Tax/TP Audit Report & ITR for AY 2020-21 Returns /Audit Reports           Present Due Dates                    Requested Due Dates  Tax Audit/TP Audit                   31st December 2020                   28th February 2021  Income Tax Return                    31st January 2021                       31st March 2021 (Audit Case)      Income Tax Return                     31st Dec., 2020                           28th Feb, 2021   (Non Audit) Tax Practitioner’s Association, Indore has made

ITR filing for AY 2020-21 with Form 26AS statement to view a summary of all the tax paid for, TDS, TCS, Advance tax paid during the financial year which helps you for filing ITR for AY 2020-21. it also contains the TAN number of your tax deductor who deducts your tax and paid to the government. Some of the benefits of 26AS for AY- 20-21 explained below.

When we prepare the documents for filing Income Tax Return (ITR) for AY 2020-21, Form 26AS is the form that flows the information between taxpayers and tax authorities, which will help us for filing ITR for the particular Assessment Year and for the AY-2020-21 CBDT revised Form 26AS form for the assessment year 2020-21 or Annual Information Statement from this assessment year, which will reflect details of all high-value transactions.  CBDT had in May notified that new rules so new form 26AS to give taxpayers a more detailed statement to taxpayers more details about the transactions they have made in AY 2020-21 for tax return processing. The changes that take effect from 1 June.

Hi, Friends now we will discuss about tax Deduction Under Section 80EE. This section of the deduction is all about interest for a loan on house property. Contents According to Income Tax - '80EE. Deduction in respect of interest on loan taken for residential house property.—(1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property.

Hi, Friends today we are going to discuss Income Tax Deduction Under Section 80E which comes in Deduction Under Section 80 or Under Chapter VIA on your Income Tax Computation. You Can call this section as Deduction Under Section 80E . This comes in computation of total income for individual Assessee, that's means any Individual can claim this deduction if he or she is eligible for that.  Tax Deduction Under Section 80E - Deduction on Education Loan Interest What is Deduction Under Section 80E Deduction Under Section 80E is all about DEDUCTION ON EDUCATION LOAN INTEREST. That's means any individual can claim this deduction if he or she taken any education loan for higher education for self, spouse or children or for the students for whom the individual is legal guardian. Then the individual can claim this deduction for the interest he or she paid on the educational loan taken for higher education. We already covered -   Tax Deduction U/S 80C, 80CCC, 80 CCD

Maybe you are a you-tuber or blogger earn money from you-tube or blog or you have any kind of business or professions like supply of goods or service or treading or you may distributor or agent of some service or product, or you have some profession of education or low or insurance agent or doctor for everyone this is very important post that to know that your income is auditable before tax filling or not. That will you required o get Tax Audit and Maintain up-to-date books of account or not. So friends, if you are engaged in any kind of business or profession, read this post carefully because tax audit is and the role it plays in determining your tax liability. What is TAX AUDIT : A tax audit is a formal examination conducted by the Income Tax Department to verify information or uncover fraud and inaccurate tax returns. The Income Tax Department selects tax returns to examine both randomly. If the audit is selected randomly, the Income Tax Department will simply take a c

Hi, viewers in this article we will discuss about PRESUMPTIVE INCOME. For Small business, Transport Vehicle owners and Professional Govt. is offered Presumptive Income scheme in which no tax audit require to submit Income Tax Return. What is Presumptive Income-  Presumptive Income means Income is calculated Under the assumption basis that you have to declare a certain percentage of your turnover as your Net Income, in this basis Tax Audit and Maintenance of Books will not required like section 44A . There are three Section  In Which Presumptive Income is Calculated - 1.      Section 44AD 2.      Section 44AE 3.      Section 44ADA 1.Section 44AD:- If your gross turnover is less then 50 lakhs and ready to declare Net Income 6% of turn over is case banking receipt and 8% of turnover in cash of cash or non-banking receipt then you can submit Income Tax Return Under Section 44AD. Condition Of Section 44AD- Maximum Turnover should not exceed 2

After submitting Income Tax Return it is mandatory for every individual/firm/HUF to verify their Tax Return copy from Income Tax Department. If anyone will not verify there ITR then further process cannot be started from Income Tax Department of India. ITR EVERIFICATION- 5 WAY TO VARIFY YOUR INCOME TAX RETURN As off now there is 5 way to verify your income tax return-   ITR E VERIFICATION- 5 WAY TO VERIFY YOUR INCOME TAX RETURN 1.      Using Adhar OTP 2.      E-verify through net banking 3.      Pre-Validate Bank Account 4.      Pre-Validate Demat Account 5.      Manual Verification   Using Adhar OTP For using Adhar OTP any one mast have to verify there adhar no with Income Tax Portal, and also attach mobile no with there adhar card. Then only any one can verify there return with Adhar OTP. E-verify through net banking For Using this process you should have a net baking facility with any bank.  After Submit ITR log on to net banking portal of

Section of the Income Tax Act, 1961 deals with exempted incomes which is a long list as below : 1. Agriculture Income [Section 10(1)] 2. Amount received out of family income, Hindu Undivided Family (H.U.F.) [Section 10(2)] 3. Share of profit form a partnership firm, [Section 10(2A)] 4. Interest paid to Non-Resident [Section 10(4)(i)] 5. Interest to Non-Resident on Non-Resident (External) Account [Section 10(4) (ii)] 6. Interest paid to a person of Indian Origin and who is Non-Resident [Section 10(4 B)] 7. Leave Travel Concession or Assistance [Section 10(5)] 8. Remuneration or Salary received by an individual who is not a citizen of India [Section 10(6)] a. Remuneration [U/s 10(6)(ii)] b. Remuneration received as an employee of foreign enterprise [U/s 10(6)(vi)] c. Employment on a foreign ship [U/s 10(6)(viii)] d. Remuneration received by an employee of foreign government [U/s 10(6)(xi)] List of Exampted Income U/S 10

Section 80TTB is the deduction on ANY KIND OF FIXED DEPOSIT Or DEPOSIT INTEREST from Bank Savings Account or Post Office Savings. This section introduced in budget 2018. The Maximum deduction under this section available up to Rs. 50,000/- applied for INDIVIDUAL Senior Citizen or Super Senior Citizen only. The maximum limit should be claimed under this section is Rs. 50,000/- Section 80TTB Explanation- Senior Citizen means Individuals aged from 60 years plus to Below 80 years. And Super Senior Citizen means Individuals aged from 80 years and above. Conditions of Deduction Under Section 80TTB   (1) Where the gross total income of an assessee, being a senior citizen includes any income by way of interest on deposits with—   ( a ) a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);   ( b ) a co-operative society engaged in carrying on the business of ba

Though every income is part of your total income but when the question comes about total taxable income, yes every income is not a part of taxable income. Example of Income not comes in taxeble income:- a. Agriculture Income:- The income that comes from cultivation or agriculture dose not a part of taxable income. [Section 10(1)] b. Allowance or Perquisites :- If you are a salaried persion the then some portion of your allowance or perquisites are non taxeble u/s 10. (example: House Rent Allowance u/s 10(13B)) and also the portion of standard deduction is not comes in total taxeble income. Total list of Exempted  Income of Section 10 of Income Tax act are listed below in the Table c. LIC OR OTHER COMISSION INCOME:- You can Claim maximum 50 % of your income as expences so that 50% or the portion you claim can be a non taxeble income. d. LIC Mediclaim or Provident Fund or Children Education :- The portion of your income upto Rs. 1,50,000/- You can show as non tax

As per the Finance Ministry and Central Board of Direct Tax (CBDT) 31st August the last Extended due date for Individual and HUF (Hindu Unified Famaly) . "The Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from July 31, 2019 to August 31, 2019 in respect of the said categories of taxpayers," the finance ministry said in a statement.   Taxpayers (Individual and HUF) should have pay maximum of Rs.5000 fine for late filing of INCOME TAX RETURN if the missed to submit their TAX RETURN within the due date of 31st August 2019 but before 31st December 2019 and from 1st January 2020 to 31st March 202 the fine will be doubled. so the citizen of India who have taxable Income more then Rs.2,50,000 in financial 2018-2019 must be aware file there Income tax Return before 31st August 2019. Otherwise must be ready to give the panalty of maximum Rs. 5000 for late filling of ITR.  Gather all the information regardi