This post explains about the procedures and formalities to apply for MEIS, Merchandise Exports from India Scheme under Foreign Trade Policy of India 2015-20. These details about filing of application and other process to claim MEIS helps exporters of India for claiming MEIS scheme from government...
Furnishing your PAN card can help you save on TDS since financial institutions deduct 20% more TDS on Rs.10000+ earned interest if PAN is not quoted. Linking your bank account to PAN can help you claim a refund if TDS deducted is more than actual tax. The PAN card is a mandatory ide...
As is apparent from the above article, you have to pay TDS on FD interest income. If you are eligible for waivers on FD TDS, ensure that you submit the relevant 15G/H form at the beginning of your FD tenure. In doing so, the bank will not levy any tax on your interest income. I...
A GST refund is a claim to reclaim excess taxes paid by a taxpayer for various reasons, such as exports, excess input tax credits, or other specific circumstances. Businesses must file claims for GST refunds to protect their finances and guarantee that they are adhering to tax laws. The obje...
Income tax refund in ITR When is one eligible to get Income tax refund? One is eligible for an income tax refund when Your TDS( tax deducted at source) from salary, interest on securities or debentures, dividends, etc. is higher than the tax payable by you. ...
When making a GST payment, it’s important to consider the time limit from the date of challan generation. The following guidelines apply: Offline Payments: You have 15 days from the date of challan generation to complete the payment. Online Payments: Payment should be made immediately upon cha...
Note:-Now you can update your bank details online. Refer my post “How to correct/update Bank details in EPF/UAN online?“. TDS on EPF Withdrawal Rules Before jumping into know the process of submitting the Form 15G, let us first understand the rules related to TDS with respect to EPF...
Here’s what you can do, in case you forget to submit Form 15G on time and TDS has already been deducted: Option 1:Claim your TDS refund by filing the income tax return. One & the only way to get an income tax refund is to file ITR, income tax refund. Once any bank or deduct...
Can we claim a refund if the return is filed after the due date? What happens if you don’t file an ITR for 3 years? Related News Tax Department to Revamp ITR e-Filing with Project IEC 3.0 The Income Tax Department is set to launch Project IEC 3.0, a new e-filing portal that prom...
Under section234B, penalty arises when the total amount of advance tax paid along with the amount of TDS is less than 90% of the total tax liability.In such a case, interest is calculated at 1% per month of the amount of shortfall for the time period from April to the month in which...