ITR -1 should be filed for an assessment year when the entire Income of an individual includes: Income from Salary/Pension, Income from One House Property & Income from Other Sources.
One of the most important benefits of tax return is claiming tax deductions. you’ll reduce your overall Tax Liabilities in several ways. If you have got made such tax-saving investments but have paid more tax within the form of TDS, you’ll claim a refund for the same by filing tax returns.
You can claim the refund of the excess tax paid/deducted during a financial year by filing the tax returns for that year. As per the income tax Act, it’s required to file return within the relevant assessment year by July 31 (Unless deadline extended. Now Due Date is extended 30th Nov 2020) to claim the refund.
According to income tax laws, a taxpayer gets 120 days from the date of filing an tax return (ITR) to verify his/her income tax return .
Track the intimation status
After the e-verification of ITR, await around one month to get the intimation from the IT department under section 143(1). you’ll receive another email from the IT department once your income tax return gets processed. This email is named Intimation under section u/s 143(1).
Track the intimation status
After the e-verification of ITR, await around one month to get the intimation from the IT department under section 143(1). you’ll receive another email from the IT department once your income tax return gets processed. This email is named Intimation under section u/s 143(1).
The average time for the discharge of refunds during FY 2019-20 is 59 days from the date of verification of income tax Returns (ITR) by the taxpayer. Further, in FY 2019-20, 65% of the refunds are released within 30 days as compared to 50 you uninterested in FY 2018-19.
No, you can’t claim the deduction of personal expenses while computing the taxable income.
While computing income under various heads, the deduction are often claimed only for those expenses which are provided under the Income-tax Act.
Yes, the tax credit in your case are going to be reflected in your Form 26AS and, hence, you’ll check Form 26AS and claim the credit of the tax accordingly. However, the claim of TDS to be made in your return of income should be strict as per the TDS credit being reflected in Form 26AS. If there’s any discrepancy within the tax actually deducted and therefore the tax credit being reflected in Form 26AS then you ought to intimate an equivalent to the deductor and will reconcile the difference. The credit granted by the Income-tax Department will be as per Form 26AS.
You can claim the rebate of all tax payable if your taxable income is up to Rs 5 lakh under section 87A in your ITR once you file it. 5 lakh or less. However, ITR filing remains mandatory if your income exceeds the essential exemption limit of Rs. 2.5 Lakh (if age is below 60).”
₹250/-
Income is less than Rs. 2.5 Lakhs
Deductions
TDS from Salary
₹500/-
Income is more than Rs. 2.5 Lakhs
TDS From Salary
Deductions
Tax Liability is Nil
₹1,000/-
Income is more than Rs. 2.5 Lakhs
TDS From Salary
Deductions
Tax Refunds is Below Rs. 20,000
₹2,000/-
Income is more than Rs. 2.5 Lakhs
TDS From Salary
Deductions
Tax Refunds is Above Rs. 20,000
Remarks
- Kindly Upload Cumulative Payslips (ie. Apr-Mar) as a PDF or Excel File without password.
- Once you submitted the documents, you will receive E-Mail from us, So Kindly check your E-mail Inbox or Spam Box.
- Also Update us through Whatsapp.
Note
- We will suggest our clients only as per the Law.
- If you required high refunds, We can help you but as per your concern & Acknowledgement, Also all the documents needs to be arrange form your side. But, We are not liable for any notice from IT Departments in Future.