Right Step Investment & Tax Solutions

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/

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. 

  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 ...