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 ...

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...