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Is it true Rs 40000 standard deduction applicable for pensioners from AY 2018-19?

Asked 2018-06-19 11:09:26 by Ravi Kumar Davuluri S S

Answered by NewsBytes

Yes, it is true that Rs. 40,000 standard deduction is also applicable to pensioners but that it from FY 2018-19 and AY 2019-20.

What is a return of income?

Asked 2018-06-18 16:58:32 by Anonymous -

Answered by NewsBytes

ITR stands for Income-Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry-forward of loss/claims refund from Income-tax department. Different forms of returns of income are prescribed for the filing of returns for different Status/Nature of income.

I have negative income. Do I still need to file my income tax returns?

Asked 2018-06-18 16:58:18 by Anonymous -

Answered by NewsBytes

If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by filing your return before the due date.

Can I know about any e-filing helpline by the income tax department?

Asked 2018-06-18 16:57:44 by Anonymous -

Answered by NewsBytes

In case of queries on e-filing of return, the taxpayer can contact 1800 4250 0025.

How can I file my income tax return electronically?

Asked 2018-06-18 16:57:30 by Anonymous -

Answered by NewsBytes

Income-tax Department has established an independent portal for e-filing of return of income. The taxpayers can log on to www.incometaxindiaefiling.gov.in for e-filing the return of income.

Can return also be filed after the due date?

Asked 2018-06-18 16:57:14 by Anonymous -

Answered by NewsBytes

Yes, if one could not file the return of income on or before the prescribed due date, then he/she can file a belated return. A belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. A belated return attracts interest and penalty.

What is the major difference between e-filing and e-payment?

Asked 2018-06-18 16:56:45 by Anonymous -

Answered by NewsBytes

E-payment is the process of electronic payment of tax (i.e., by net banking or SBI's debit/credit card) and e-filing is the process of electronically furnishing of return of income. Using the e-payment and e-filing facility, the taxpayer can discharge his obligations of payment of tax and furnishing of return easily and quickly.

What benefits can I get by filing the return of my income?

Asked 2018-06-18 16:56:19 by Anonymous -

Answered by NewsBytes

Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.

What is e-filing utility by the Income Tax Department?

Asked 2018-06-18 16:56:00 by Anonymous -

Answered by NewsBytes

The Income-tax Department has provided free e-filing utility (i.e., software) to generate e-return and furnishing of return electronically. The e-filing utility provided by Department is simple, easy to use and also contains instructions on how to use it. By using the e-filing utility, the taxpayers can easily file their returns of income. A Utility can be downloaded from www.incometaxindiaefiling.gov.in.

I have paid excess tax. How will it be refunded to me?

Asked 2018-06-18 16:55:42 by Anonymous -

Answered by NewsBytes

The excess tax can be claimed as a refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. The department has been making efforts to settle refund claims at the earliest.

Am I required to keep a copy of the return filed by me?

Asked 2018-06-18 16:55:12 by Anonymous -

Answered by NewsBytes

Yes, since legal proceedings under the Income-tax Act can be initiated up to four or six years (as the case may be)prior to the current financial year, you must maintain such documents at least for this period. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return as long as possible.

What will be the Income tax for an annual salary of INR 132000?

Asked 2018-06-18 07:55:35 by Manoj Kumar

Answered by NewsBytes

For individuals, HUFs (under 60 years) having income up to Rs. 2.5 lakh, there is No tax.

How does income tax department find out that a person is not paying income tax?

Asked 2018-06-18 01:06:24 by Abhishek singh

Answered by NewsBytes

Income Tax department can find out about the people who are not paying income taxes by their transactions, savings, investments, etc from their bank account statements. Also, if someone files a complaint against such a person then also Income Tax Department will get to know about non-payment of taxes.

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