INCOME TAX REFUND
Form 26AS: 4 new things that your tax passbook will now show
The government via a notification dated May 28, 2020, has made changes to the Form 26AS. These changes have come into effect from June 1, 2020. Here are the four new changes in Form 26AS that will appear from now onwards.
Self assessment tax liability for FY19-20 over Rs 1 lakh? Pay by July 31 to avoid penal interest
According to a press release issued by the C...
Government further extends tax compliance deadlines. Check the new dates here
The extension will reduce hardship of taxpayers on one hand and will also give some more breathing time to tax officers, said experts, amid challenges faced in meeting the s...
ITR filing: How to pre-validate your bank account
It is important to pre-validate the desired bank account of the taxpayer on the income tax portal to ensure a smooth refund process. The other advantage is that the income tax returns can be e-verified (EVC) using the prevalidated bank account.
Not received your income tax refund yet? Follow these steps
It has come to the notice of the Income Tax Department that certain taxpayers were unable to receive their income tax refunds as there may be outstanding tax demand pending from the previous year(s).
After leaving job, how long will my EPF account earn interest? Will interest stay tax-free?
Despite the tax on the interest, EPF continues to have the highest returns among small saving schemes. So it makes sense to make small periodic withdrawals to ensure that the account does not become inoperative.
ITR-1 e-form for FY 2019-20 now available on income tax department website
The latest ITR-1 has introduced a new schedule 'Schedule DI' to allow an individual to claim the deductions from the gross total income for the tax-saving investments made between April 1, 2020, and June 30, 2020.
Income tax return forms notified: You can claim deductions till June 30
A new schedule (column) has been added in the I-T return forms to report investments made between April 1 up to June 30, 2020, for which deductions can be claimed in financial year 2019-20.
Govt to give income tax refunds up to Rs 5 lakh immediately due to coronavirus impact
All pending income tax refunds up to Rs 5 lakh will be issued immediately to individuals and business entities.
How to calculate income tax for FY 2020-21
For FY 2020-21, an individual taxpayer has an option to choose between the old and the new tax regime. In order to know which tax regime is beneficial for an individual, it is important to know how much will be the tax liability in both the regimes.
How to calculate income tax online
Use this income tax calculator to know whether you will benefit by opting for the new tax regime or staying with the existing tax regime for the current financial year 2020-21.
Income tax department amends TDS form, makes it more comprehensive
Through a notification, the Central Board of Direct Taxes (CBDT) has amended Income Tax Rules to include TDS on e-commerce operators, dividend distributed by mutual funds and business trusts, cash withdrawals, professional fees and interest.
Income tax return filing deadline for FY 2019-20 extended to Nov 30, 2020
As per the announcement, "Due date for all income-tax return for FY 2019-20 will be extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020 to 31st October 2020."
I-T department refunds Rs 62,361 crore during lockdown: CBDT
Income tax refunds amounting to Rs 23,453.57 crore have been issued in 19,07,853 cases to taxpayers and corporate tax refunds amounting to Rs 38,908.37 crore have been issued in 1,36,744 cases to taxpayers during this period.
You may have to claim refund for FY2019-20 tax saving done after March 31
The government has extended the deadline to complete tax-savings to June 30, 2020, via an ordinance dated March 31, 2020. However, this might lead to individuals filing ITR to claim excess tax deducted from their salary income.
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