Tax queries

  • My total income from pension and investments is Rs 13 lakh. Which ITR form should I use for filing ITR?

    Your pension income will need to be declared under salary head and offered to tax at your applicable slab rate after standard deduction of Rs 50,000. LTCG on FMP maturity will be taxed at 20% after indexation. Read Full Article

  • Can I claim deduction on principal of home loan EMI paid if I have not received possession of property?

    The principal portion of the EMI paid for the year is allowed as a deduction under Section 80C in the year of payment. Do remember that the property should not be sold within five years of possession. Read Full Article

  • I bought a flat in February and want to sell it in October 2020. What will be the tax implication?

    If you are selling the flat in less than 24 months of purchasing it, the gains will be short term capital gains. These will be taxed at your applicable slab rate and there will be no indexation benefit. Read Full Article

  • I am a senior citizen and I did not incur capital gains in FY 2019-20. Can I file ITR-1?

    As per the ITR forms notified by the government, an individual is eligible to file a tax return using ITR-1 if the total taxable income from the specified sources does not exceed Rs 50 lakh in the financial year 2019-20. Read Full Article

  • What other deductions can I claim from my salary part from common ones like 80C, 80D?

    The current income tax laws allow various other deductions from the income chargeable to tax apart from common ones such as section 80C, 80D, section 24 etc. Read Full Article

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What is self-assessment tax?

Self-assessment tax is the tax an individual has to pay before filing his income tax return. The self-assessment tax is calculated after considering TDS and advance tax.

If excess tax has been deducted, how will it be refunded?

To get the refund of excess tax deducted, an individual is required to file income tax return. The amount will be credited to the tax payer's pre-validated bank account.

Can I claim HRA tax-exemption while filing income tax return?

Yes, HRA tax-exemption can be claimed while filing income tax return.

How long does it take for income tax refund to get credited in bank account?

The income tax refund will be credited to bank account once your tax return has been processed by the tax department, provided the department accepts that the refund is due. You have to make sure that your bank account is pre-validated for timely credit of tax refund.

How to file income tax return online?

Income tax return can be filed online either via the tax department's e-filing portal: You can also file your tax return using private e-filing websites.

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