Disallowance of Deductions:Certain deductions and exemptions, such as the deduction underSection 80G(donations) andSection 80C(investments), may not be available if you file your ITR after the due date. Delay in Refund:If you are entitled to a tax refund, the processing of your refund may be...
If you are unable to submit these forms, you can still claim a TDS refund at the time of filing your year-end tax returns. There are also some ways to save on tax on FDs. A post office FD is one way as it does not attract any TDS deduction. You can divide the amount and put ...
This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.Change of bank details can be done:in person at a SARS branch (During the pandemic, it would be best to ...
“How Income Tax is Calculated on Salary?”– Navigating the labyrinth of income tax calculation in India, particularly for salaried individuals, can be akin to solving a complex puzzle. Fear not, for it’s a crucial puzzle to unravel in the realm of personal finance. Income Tax Calculator s...
(FY 2017-18 limit was up to Rs 10,000). This deduction can be claimed under new Section80TTB. Senior Citizenscannotclaim deduction under Section80TTA.In case of senior citizens, the threshold limit ofTDS(Tax Deduction at Source) on interest income has been raised fromRs 10,000 to Rs 50...
Individuals Ineligible to File ITR6 The companies that claim an exemption under Section 11 of the Income Tax Act need not file the ITR6. Structure of ITR6 The structure of ITR6 is constituted by 2 Parts: Part A and Part B. It also has numerous sub-sections. Additionally, there are mult...