In case you have not filed the return for this year, you can file now with us. Click on each of the questions below to see their answers. If you have not received your refund till date, it could be due to the following reasons:. Your Income Tax Return has not been processed yet. Once the return is processed you may receive a Refund if determined. This could be because of: wrong address , not being available at home door locked or wrong Bank Account number for ECS credit.
You can only change your Bank Account Number if you had a refund failure i. Select the mode through which you wish to receive the refund- ECS or Cheque. Enter the new Bank Account Number and provide address details. Submit the request. Once the request is submitted, your new Address is updated with the Income Tax Department. You can only raise a request of refund re-issue if your refund failed to reach you and was returned to the Income Tax Department.
Provide the new Bank Account Number if to be changed and provide the new Address. This means that the Income Tax Department has still not processed your Income Tax Return or determined the refund yet. The most common case is you filed with no refund and no tax due. It could also be that you did file for a refund, but the Income Tax department denied the refund because their calculations did not tally with yours. This generally can happen because of mismatch of TDS data, incompletely or improperly filled sections in the original filing.
If you forgot to include some deductions while filing, you can revise your return. The income tax department now allows e-verification of the ITR in different ways, which completes the income tax return process. The taxpayer can save tax by tax planning.
A taxpayer can do tax planning by investing in tax-saving instruments. It helps in reducing the income tax liability. Section 80C to 80U of the Income Tax Act allows a deduction for certain expenditures and investments from the total computed income. Some of the popular Section 80C investments are:. However, you get tax benefits under Section 80C only up to Rs 1. Apart from the 80C deduction, a taxpayer can also take a tax benefit under Section 80D for health insurance premium and medical expenditure incurred for self, family and parents.
Under Section 80E, the taxpayer can claim a deduction for the interest paid on a loan taken for higher education. There is no limit to claim such a deduction in the income tax return. Under Section 24, the taxpayer can claim a deduction for interest paid on a housing loan during the relevant financial year. The amount of deduction will depend upon whether the house is self-occupied or let out. The taxpayer can also claim a deduction of the principal amount of loan under Section 80C up to Rs 1.
The individuals can claim up to Rs 10, deduction under the said section. The Income Tax Act includes all the provisions that govern the country's taxation. Every year, the Finance Minister presents a budget in February.
The most recent Union Budget presented by the current Finance Minister included the introduction of a new tax regime. Apart from the Income Tax Act, the other components of the income tax law are income tax rules, circulars, notifications and case laws. All of these help in the implementation of income tax law and collection of taxes.
The income tax department is a government agency. The Act empowers the income tax department to collect direct tax on behalf of the Government of India. Products IT. About us Help Center. Log In Sign Up.
Home Income Tax. Start investing now or. Download link sent. Both IOS and Android. Search Articles. Furnishing Audit Report: Due date to furnish the audit report is extended to 15th Jan 22 Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan Click here for the latest Press release on income tax due dates What is Income Tax? Use of Cookies. Facilities Changes and Discontinuation. The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities.
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Pro rata amount of discount on a zero coupon bond based on life of such bond and calculated in prescribed manner. Contributions to recognised provident fund and approved superannuation fund [subject to certain limits and conditions].
Any sum paid by assessee-employer by way of contribution towards a pension scheme, as referred to in section 80CCD , on account of an employee to the extent it does not exceed 10 per cent of the employee's salary in the previous year. Contributions to any provident fund or superannuation fund or any fund set up under Employees' State Insurance Act, or any other fund for welfare of such employees, received from employees if the same are credited to the employee's account in relevant fund or funds before due date.
Allowance in respect of animals which have died or become permanently useless [subject to certain conditions]. Bad debts which have been written off as irrecoverable [subject to limitation in the case of banks and financial institutions]. Certain scheduled banks, non-scheduled banks but other than foreign banks and co-operative bank other than primary agricultural credit society or primary co-operative agricultural and rural development bank.
Non-Banking Financial Company. Amounts transferred to special reserve [subject to certain conditions and maxi-mum of 20 per cent of profits derived from eligible business]. Expenditure for promoting family planning amongst employees deductible in 5 equal annual instalments in case of capital expenditure. Expenditure incurred wholly and exclusively by the assessee on or after the 1st April, but before the 1st April, in respect of a non-Y2K compliant system, owned by the assessee and used for the purposes of his business or profession, so as to make such system Y2K compliant computer system.
Any expenditure not being in the nature of capital expenditure incurred by a notified corporation or body corporate, by whatever name called, constituted or established by a Central, State or Provincial Act, for the objects and purposes authorised by the Act under which such corporation or body corporate was constituted or established. Notified corporation or body corporate, by whatever name called, constituted or established by a Central, State or Provincial Act.
Any banking cash transaction tax paid during the previous year on taxable banking transaction entered into by the assessee. Securities Transaction Tax paid if corresponding income is included as income under the head 'Profits and gains of business or profession'. Amount equal to commodities transaction tax paid by an assessee in respect of taxable commodities transactions entered into in the course of his business during the previous year, if the income arising from such transactions is included in the income computed under the head "Profits and gains of business or profession".
Amount of expenditure incurred by a co-operative society for purchase of sugarcane shall be allowed as deduction to the extent of lower of following: a Actual purchase price of sugarcane; or b Price of sugarcane fixed or approved by the Government.
Marked to market loss or other expected loss as computed in accordance with the ICDS notified under section 2. Any other expenditure [not being personal or capital expenditure and expenditure mentioned in sections 30 to 36 ] laid out wholly and exclusively for purposes of business or profession 5. Interest, royalty, fees for technical services or other chargeable sum payable outside India, or in India to a non-resident or foreign company, on which tax has not been deducted or after deduction, has not been paid on or before the due date of filing of return under section 1.
Where in respect of any such sum, tax has been deducted in any subsequent year or, has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section 1 of section , such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid 6 However, where deductor has failed to deduct the tax and he is not deemed to be an assessee in default under first proviso to section 1 , then it shall be deemed that the deductor has deducted and paid the tax on the date on which the payee has furnished his return of Income.
Any interest, commission or brokerage, rent, royalty, fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work including supply of labour for carrying out any work 7 , on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid on or before the due date specified in sub-section 1 of section However, where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section 1 of section , such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.
However, where deductor has failed to deduct the tax and he is not deemed to be an assessee in default under first proviso to section 1 , then it shall be deemed that the deductor has deducted and paid the tax on the date on which the payee has furnished his return of Income.
Any sum paid or payable to a non-resident which is subject to a deduction of Equalisation levy would attract disallowance if such sum was paid without deduction of such levy or if it was deducted but not deposited with the Central Government till the due date of filing of return. However, where in respect of any such sum, Equalisation levy is deducted or deposited in subsequent year, as the case may be, the expenditure so disallowed shall be allowed as deduction in that year. Amount paid by way of royalty, licence fee, service fee, privilege fee, service charge or any other fee or charge, by whatever name called, which is levied exclusively on, or any amount which is appropriated, whether directly or indirectly, from a State Government undertaking by the State Government.
Tax actually paid by an employer referred to in section 10 10CC. Interest, salary, bonus, commission or remuneration paid to partners subject to certain conditions and limits. Interest, salary, bonus, commission or remuneration paid to members subject to certain conditions and limits. Association of persons or body of individuals except a company or a co-operative society, society registered under Societies Registration Act, etc. Any provision for payment of gratuity to employees, other than a provision made for purposes of contribution to approved gratuity fund or for payment of gratuity that has become payable during the year subject to specified conditions.
No deduction shall be allowed in respect of marked to market loss or other unexpected loss except as allowable under section 36 1 xviii. In case of mineral oil concerns allowances specified in agreement entered into by Central Government with any person subject to certain conditions and terms of agreement. Assessees engaged in prospecting for or extraction or production of mineral oils. In case of mineral oil concerns expenditure incurred remaining unallowed as reduced by proceeds of transfer.
Assessee whose business consists of prospecting for or extraction or production of petroleum and natural gas and who transfers any interest in such business. Deduction will not be allowed in year in which liability to pay is incurred unless actual payment is made in that year or before the due date of furnishing of return of income for that year. Expenditure in excess of subscription, etc. Expenditure incurred wholly and exclusively in connection with transfer of capital asset.
Cost of acquisition of capital asset and of any improvement thereto indexed cost of acquisition and indexed cost of improvement, in case of long-term capital assets.
Capital gains on transfer of land used for agricultural purposes, by an individual or his parents or a HUF, invested in other land for agricultural purposes subject to certain conditions and limits. Long-term capital gain invested in long-term specified assets being units of such fund as may be notified by Central Government to finance start-ups. Net consideration on transfer of long-term capital asset other than residential house invested in residential house 10 subject to certain conditions and limits.
Capital gain on transfer of machinery, plant, land or building used for the purposes of the business of an industrial undertaking situate in an urban area transfer being effected for shifting the undertaking to a non-urban area invested in new machinery, plant, building or land, in the said non-urban area, expenses on shifting, etc.
Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone subject to certain conditions and limits. Exemption in respect of capital gain arising from the transfer of a long-term capital asset, being a residential property a house or a plot of land , owned by the eligible assessee, and such assessee before the due date of furnishing of return of income under sub-section 1 of section utilises the net consideration for subscription in the equity shares of an eligible company and such company has, within one year from the date of subscription in equity shares by the assessee, utilised this amount for purchase of specified new asset subject to certain conditions and limits.
April 1, , eligible start-up is also included in definition of eligible company. Against 'income from other sources' A. Any reasonable sum paid by way of commission or remuneration for purpose of realising dividend. Any reasonable sum paid by way of commission or remuneration for the purpose of realising interest on securities.
Contributions to any provident fund or superannuation fund or any fund set up under Employees' State Insurance Act, or any other fund for welfare of employees, if the same are credited to employees' accounts in relevant funds before due date.
Assessees engaged in business of letting out of machinery, plant and furniture and buildings on hire. Assessees in receipt of family pension on death of employee being member of assessee's family. Any other expenditure not being capital expenditure expended wholly and exclusively for earning such income. In case of interest received on compensation or on enhanced compensation referred to in section A 2 , a deduction of 50 per cent of such income subject to certain conditions.
Interest chargeable to tax which is payable outside India on which tax has not been paid or deducted at source.
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