Section 80CCC in income tax relates to tax saving due to contributions to pension funds of LIC or other insurer. Basically, if you have invested in schemes or funds that promises a pension (or annuity), than you can deduct your yearly contributions from your total income while calculating income tax
Please note that max possible deduction under this scheme is Rs 1.5 Lakhs for FY 2016 - 2017 (...
We have got some questions regarding how much time it takes to get the Income tax return to be processed or how much time it takes to get the income tax refund back to us. Below are some sample timelines from IncomeTaxIndiaEfiling about recent years to give you an idea.
case 1: No tax refund was demanded.
|Date | Status...
Do you know that Income Tax authorities have your income data and taxes paid data even before you file your returns ? It might sound shocking at first but the fact remains -
They get all this data...
Time of the year again when we have to file our income tax. E-filing at IncomeTaxIndiaEfiling is made mandatory for people with annual income above Rs 5 lakh. The last date for filing of individual income tax return this time is 31st July 2014. The first question that comes to mind when we think of filing income tax is - what are ...
If your FDs in a particular bank are earning interests exceeding Rs 10000/- in a year, that bank will cut TDS(Tax deducted at source) @ 10% on the interest amount. Now if your total income is below 2 Lakhs (basic exemption limit currently), you are not liable to pay any taxes and hence you need to tell the bank not to cut TDS on FD interest. Form 15G/H is the way to tell this to your bank. If you ...
Today I got a message from my bank that 7K Rs have been deposited to my account. It looked like the depositor was IT Department as the message bore the language "AY2013-14". So I quickly checked my account statement and my ITRV to match the refund amount. And YES!! I had got my tax refund money that too with interest (although minuscule). I was delighted at the fast-like-a-flash response of our IT...