TDS (Tax Deducted at Source) will not be applied to your FD interest income as long as the interest earned is Rs. 40,000 or less in a financial year. However, if your interest earnings exceed Rs. 40,000, TDS will be deducted at the current rate of 10% on the entire interest amount...
3) File Tax Return and claim Refund of TDS As Banks deduct TDS at flat rate of 30%, it is most likely that the tax deducted is higher than your actual tax liability. You should calculate the tax as per the income tax slab rates and check if more tax is deducted and whether a Refun...
you can claim it while filing ITR. When HRA is not accounted by employer, more TDS is deducted from salary. It may happen that may be eligible for refund if net tax paid is more due from you. So claiming HRA not given by employer in ITR involves changing following steps. Our...
Statutory compliance:At the time of processing all statutory deductions like EPF (Employee Provident Fund), TDS (Tax Deduction at Source), and ESI (Employee State Insurance) are deducted. The payroll administrator then sends the amount to the appropriate government agencies. The frequency of this p...
You can claim a deduction of upto Rs 1.5 lakh for investment in Equity Linked Savings Scheme and save tax upto Rs 46,800. As it comes with a lock-in period of 3 years, you can not redeem it before 3 years. Hence, when you redeem your ELSS funds, you must pay long-term capital ...
August 22, 2024Subodh KumawatLatest Tax Deducted at Source (TDS) News 7 Minutes Read Form 26QB (Challan-cum Statement) Under TDS To begin with, Form 26QB (Challan-cum Statement) has a twin-fold objective that is synonymous with the two blades of a single scissor – It is both a ...
A considerable amount is deducted from my salary every month as Overpayment amount. I have already paid income tax for the amount that I received. Can I get an relaxation of income tax of the for the amount of salary I paid back to the govt. institution? If yes, how I can claim for...
Advance Tax Payment Refund is a refund of any overpayment of advance tax. Let’s have a look at how you can claim your refund.1. Log in to your online banking account or visit your local bank branch.2. Download the Advance Tax Payment Refund Form from the Income Tax Department‘s web...
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...
10. TDS and Advance Tax Salaried individuals witness Tax Deducted at Source (TDS) deductions monthly. This TDS aligns with your final tax liability. If it surpasses Rs. 10,000 for the fiscal year, Advance Tax payments may become necessary. ...