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Questions and Answers

Q: I am 82 years old I want to file income tax return for Assessment Year 18 -19 now? What will be penalty and how to pay it ? Ans:  There is no provision for you to file the returns once you have missed the due date.  According to the Finance Act 2016 amendment, you can file your   belated IT Returns   anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2018-19, the timeline to file a belated return was on or before 31 March 2019.  But, The income tax department allows taxpayers to file returns post deadline in some specific cases. The following ways helps you file a condonation of delay request: a. Request the Income Tax Commissioner or the prescribed authority to permit you file income tax returns and state the reason for missing the deadline. The officer can accept your request based on the following criteria: The claim is correct and genuine. The case is based on genuine hardship of merits. A refund has resulte...
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Questions & Answers

Q:  Can I claim income tax benefit for the term life policy where I am the nominee? Ans: No, only a proposer who pays the premium can take the income tax benefit  up to the amount paid by the proposer but the Income tax benefit cannot exceeded Sec 80 C limit which is till now is of Rs. 150000 as per Income Tax Act, 1961.
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7 Steps to file Income Tax Refund Reissue Request

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Hello Friends,   My this blog is related to tell you about how to Online file Income Tax Refund Reissue Request.  The 7 steps are: Log on to www.incometaxindiaefiling.gov.in with your user ID and Password. Navigate to ‘My Account’  Click ‘Service Request’. Select the ‘Request Type’ as ‘New Request’ and  Select the ‘Request Category’ as ‘Refund Reissue’  Click ‘Submit’  After clicking submit, fill the additional details such as Bank Account number, Account Type, IFSC Code and so on Click on  Submit.  Thanks and Regards Kulvinder Kaur B.Com(H), MBA(Finance) 9871580806,8826566751 rightsteptoinvest@gmail.com https://rightsteptoinvest.com/
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Questions and Answers

Q:  The period FM when income should be taken for calculation of income tax for the year 2019 to 2020. Ans.: If you want to calculate Income for Financial Year 2019-2020 (Assessment Year 2020-2021) then you have to calculate the Income generated for the   period  starting from 1st April, 2020 till 31st March, 2021 for calculation of Income Tax which also helps you to calculate Income Tax Return (ITR) of the respective period. 
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Depreciation

  Q:  Whether claim for depreciation under Income Tax Act should be Assessee wise or business wise? Ans:  It is dependent on the conditions whether claim for depreciation under Income Tax Act on the basis of Assessee Wise or Business wise.  Depreciation unde r the   Income Tax Act   is a deduction allowed for the reduction in the real value of a tangible or intangible asset used by a taxpayer. The concept of depreciation is used for the purpose of writing off the cost of an asset over its useful life. An Assesssee can avail deduction for depreciation, only if it satisfies the following conditions:       The assets must be owned, wholly or partly, by the assessee. The assets must be in use for the business or profession of the taxpayer. If the assets are not used exclusively for the business, but for other purposes as well, depreciation allowable would be proportionate to the use of business purpose. The Income Tax Officer also has the right ...
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Questions and Answers

Q:  What is the   Standard Deduction for Senior Citizens  in India for AY 2019 2020? Ans. For Assessment Year 2019-20 Standard Deduction for Senior Citizens is of Rs. 50000.
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Questions and Answers

Q:  Tax rebate is available u/s 80 C under new tax slab for Assessment Year 2020-21 or not? Ans. Yes, it is applicable for  Assessment  Year 2020-21 as New Tax Regime will be applicable from FY 2020-21 (AY 2021-22).  But i f an Assesssee will opt for New Tax Regime for FY 2020-21 (AY 2021-22) then Assessee is not eligible to take the benefit of Tax Rebate available u/s 80C for Assessment  Year 2020-21.
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