Right Step Investment & Tax Solutions

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.

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.

Q:  My mother income is less than 50 K now.She is super senior citizen. Can I cancel her PAN card? Ans. Yes, you can cancel the PAN card but there is no benefit for cancelling the PAN Card as PAN card is must for all the banking  activities like Opening a New Account, Closing  of An Account, Opening FD and PAN Card is also useful for KYC purpose. It can also be required at many other activities whether Government and Non Government Activities. So I suggest that don't cancel her PAN Card.

Q:  I have not received my Income tax refund for the year 2015_2016? Ans.After processing of the Income Tax Return, If there will be any refund than it will be credited to the Bank Account of the Assessee.  If you haven't received your Income Tax Refund then please check the following details: Whether  your return has been processed or not? If not then check the reason. Whether you have sent or e-verify your ITR after filling it to the Income Tax Department ? If not, then first do the same. Have you received any letter from the department regarding your Income Tax Refund may be adjusted against any Previous Year Demand? If not, then please check your mail id or Income Tax Portal. Have you entered correct Bank details while filing your ITR? If not, then please check it first and then request the IT department for the correction of the same. Have you entered correctly Residential Address while filing your ITR? If not, then please check it firs...

Q:  I deposited income tax through Challan in a Bank Will the bank give me some particular number to indicate in ITR. Ans.  Yes, A Challan deposited to the bank will contain  Challan Date, Challan Number, BSR Code and  Amount need to indicate in ITR.             After making a payment through e payment a challan has been generated. First save that challan and enter the details of the Challan in the Self  Assessment  Tax Details with Challan Date, Challan Number, BSR Code and  Amount . All the information is available in  the  Challan you have paid. After that your tax  liability  will become Zero and then generate Xml file and file your  Income  Tax Return through Income Tax portal.

Q:  How to know total income tax paid for particular PAN number for all assessment years? Ans: There are two best ways to check the  total income tax paid for particular PAN number for all assessment years:  Check all the filed and processed Income Tax Returns. Check the 26AS of all the Assessment years to get the knowledge of Income Tax paid for particular PAN number.

Q:  I have paid remaining income tax through e payment What should I do next? Ans: After making a payment through e payment a challan has been generated. First save that challan and enter the details of the Challan in the Self Assessment  Tax Details with Challan Date, Challan Number, BSR Code and Amount . All the information is available in the  Challan you have paid. After that your tax liability  will become Zero and then generate Xml file and file your Income  Tax Return through Income Tax portal.