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Income Tax Refund Status

Know your Income Tax Refund Status Filing an IT is a responsibility of every Indians. Government earns money from it which is then used for the betterment of India. In case if you have applied for a refund of your income tax, then you can track it down from here. There are different ways to track your online income tax refund status and all of them shared here! Check your ITR status in few seconds. We have shown how to check a status of income tax return over the internet and by email or call. The online and offline facilities by IT are a boon for tax payers. You can verify your tax payments and TDS in few moments. However, if you are new at checking ITR status online, you might get confused. There are multiple online ways of checking Income tax refund status. Hence, we have shown in this posts all these different ways separately. You can use the way which is most convenient to you. The online facility of verifying ITR status is available at TIN-NSDL portal as well e-filling site.

How to Save Tax

How to Save Tax (Salaried Individuals)

Before investing, check the following income tax sections and invest smartly and save your tax .Here are the sections, where you can save your tax by investing.

1.  Deduction on interest on your home loan  u/s 24               

Under section 24, the interest payable on home loan is tax deductible up to Rs 2 lakh per annum.If you give out the house on rent, there is no upper limit. However the total loss that can be claimed on the broader head of income from house property is capped at Rs 2 lakh.

2. You can claim deduction up to 1.5 lakh under Section 80C.

Note: The total deduction allowed u/s 80C is 1.5 Lakh (Point “a” to “j” mentioned below)

a.  Life Insurance Premiums : Premiums for different types of insurance policies including ULIPs, term insurance and endowment policies are tax deductible up to Rs 1.5 lakh. However the insurance cover must be at least 10 times the annual premium.

b. Home Loan Repayment (Principle): Repayment of the principal amount on a home.

c. FD(Tax-Saver) : Fixed deposit for a fixed period of not less than five years.

d. Public Provident Fund (PPF): Public Provident Fund is a savings scheme, established by government of India with a tenure of 15 years available at most banks and post offices in India.

e. Equity Linked Savings Scheme (ELSS) (Tax deduction of up to Rs 1.5 lakh)An Equity Linked Savings Scheme (ELSS) is an open-ended Equity Mutual Fund that doesn't just help you save tax, but also gives you an opportunity to grow your money.

f. National Saving Certificate (NSC): National Savings Certificates have a maturity period of five years years and a fixed rate of interest. The rate is currently 7.9%(as on f.y-2019-20).

g. National Pension System (NPS) (Tax deduction of up to Rs 1.5 lakh): There is a deduction of up to Rs. 1.5 lakhs to be claimed for the contribution of the employer. You can claim an additional deduction of Rs.50,000/- for self contribution u/s 80CCD(1B)(Please see the point number “2”.)

h. Tuition fees (Tax deduction of up to Rs 1.5 lakh): Payment of tuition fees for your children is tax deductible up to Rs 1.5 lakh per annum.

i. Employees' Provident Fund (EPF) (Tax deduction of up to Rs 1.5 lakh): Contribution towards an EPF account provides a benefit to individuals by way of a deduction of Rs.1.5 lakh u/s 80C.

j. Sukanya Samriddhi Yojana(SSA) (Tax deduction of up to Rs 1.5 lakh): Parents of a girl child below the age of 10 can get this deduction. This account has a tenure of 21 years or until the girl marries after turning 18. It has an interest rates of 8.5% and the interest is tax-free.

3) Contribute to the National Pension System u/s 80CCD(1B)

This deduction under Section 80CCD(1B) up to Rs 50,000 is only available for contributions to the NPS. The NPS allows you to invest in equity and debt pension funds and build a retirement corpus. You can withdraw it at age 60.

4) Pay Health Insurance Premiums (Mediclaim)/ Medical expenditure / Preventive health check-up u/s 80D

A) Health Insurance Premiums (Mediclaim)
a. Self and Family (Non Senior citizen)                                             :         25,000/-
b. Self and Family (Including Senior citizen)                                     :         50,000/-
c. Parents (Non Senior citizen)                                                         :         25,000/-
d. Parents (Senior citizen)                                                                :         50,000/-
e. Self and Family including Parents                                                :         50,000/-
f. Self and Family (including Senior citizen Parents)                        :         75,000/-
g. Self (Senior citizen) and family including Senior citizen Parents  :       1,00,000/-.

B) Medical expenditure
a. Self and Family (Senior citizen)                                              :         50,000/-
b. Parents (Senior citizen)                                                            :         50,000/-
c. Self and Family (including Senior citizen Parents)                   :         1,00,000/-

C) Preventive health check-up
a. Self and Family                                                                       :         5,000/-
b. Parents                                                                                    :         5,000/-
c. Self and Family and Parents                                                   :         5,000/-

5)  Maintenance including medical treatment of a dependent who is a person with disability  u/s 80DD

a. Dependent person with Disability                                           :         75,000/-
a. Dependent person with Severe Disability                               :         1,00,000/

6) Medical treatment of specified disease  u/s 80DDB

a. Self or Dependent                                                                 :         40,000/-
b. Self or Dependent (Senior citizen)                                         :         1,00,000/-

7) Interest on loan taken for higher education u/s 80E

There is no restriction on limit of deduction amount
Section 80E allows deduction in respect of payment of interest on loan taken from any financial institution or any approved charitable institution for higher education for the purpose of pursuing his higher education or for the purpose of higher education of his spouse or his children or the student for whom he is the legal guardian.

8) Interest on loan taken for residential house property

You can claim a deduction of up to Rs. 50,000 per financial year as per this section. You can continue to claim this deduction until you have fully repaid the loan. Section 80EE allows income tax benefits on the interest portion of the residential house property loan availed from any financial institution.

9) Donations to certain funds, charitable institutions, etc. u/s 80G
You can get a tax deduction on your charitable donation. There is no upper limit but different rules restrict the tax deduction amount available on your charitable contributions. For most donations to NGOs, the limit is 50% of the donated amount and up to 10% of your adjusted total income. NGOs under this section are required to have an 80G certificate for you to be able to claim this deduction.

10) Rent paid u/s 80GG
 In computing the total income of an assessee, not being an assessee having any income falling within clause (13A) of section 10, there shall be deducted any expenditure incurred by him in excess of ten per cent of his total income towards payment of rent (by whatever name called) in respect of any furnished or unfurnished accommodation occupied by him for the purposes of his own residence, to the extent to which such excess expenditure does not exceed five thousand rupees per month or twenty-five per cent of his total income for the year, whichever is less, and subject to such other conditions or limitations as may be prescribed, having regard to the area or place in which such accommodation is situated and other relevant considerations :
Provided that nothing in this section shall apply to an assessee in any case where any residential accommodation is—
  (i) owned by the assessee or by his spouse or minor child or, where such assessee is a member of a Hindu undivided family, by such family at the place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession; or
 (ii) owned by the assessee at any other place, being accommodation in the occupation of the assessee, the value of which is to be determined under clause (a) of sub-section (2) or, as the case may be, clause (a) of sub-section (4) of section 23.
Explanation.—In this section, the expressions "ten per cent of his total income" and "twenty-five per cent of his total income" shall mean ten per cent or twenty-five per cent, as the case may be, of the assessee's total income before allowing deduction for any expenditure under this section.

11) Certain donations for scientific research or rural development u/s 80GGA
·         Any sum paid to a college, university or organization that is registered with the Income Tax Department and is involved in scientific research
·         Any amount paid by the assessee towards National Urban Poverty Eradication Fund set up by the government
·         Any sum paid to any organization which is registered with the National Committee, for carrying out eligible projects and schemes of the government
·         Any sum paid towards a registered organization that works for rural development
·         Any sum paid by the taxpayer towards rural development fund set up by the central government

12) Donation to Political party u/s 80GGC
Under Section 80GGC of the Income Tax Act provides tax deductions for contributions made to political parties. This can range from 50% to 100% of the amount contributed. This provides a great deal of tax saving while encouraging a strong political system.
Under Section 80GGC of the Income Tax Act deals with any contributions made by an individual to a political party. Under Section 80GGC Individuals can avail of tax deductions that range from 50% - 100% of the contribution amount. As per the Income Tax Act, an individual can donate as much as 10% of his or her gross earning to any political organisation of his or her choice.
Individuals who avail of deductions under Section 80GGC have the advantage of saving on a sizeable portion of tax every financial year in tandem with other deductions such as House Rent Allowance, Medical Allowance and much more.

13) Interest on saving bank Accounts in case of other than Resident senior citizens  u/s 80TTA

Under Section 80TTA provides a deduction of Rs 10,000 on interest income. This deduction is available to an Individual and HUF.

14) In case of a person with disability  u/s 80U

a.   Self with Disability                                                          :         75,000/-
b.   Self with Severe Disability                                              :         1,25,000/-



Income Tax Slab

IncomeTax Rate for Individual & HUF below the Age Of 60 Years for Financial Year: 2019-20 (A.Y-2020-21)
As per the Union Budget of 2019, below are the various Income Tax Slab slabs according to which income tax is assessed for Below the Age of 60 Years for Financial Year: 2019-20 (A.Y-2020-21). 

Income Tax Slab for A.Y: 2020-21 Income Tax Slab Tax Rate for Individual & HUF Below the Age Of 60 Years Up to Rs.2,50,000 Nil. Rs.2,50,001 to Rs.5,00,000 5% of total income exceeding Rs.2,50,000 Rs.5,00,001 to Rs.10,00,000 Rs.12,500 + 20% of total income exceeding Rs.5,00,000 Above Rs.10,00,000 Rs.1,12,500 + 30% of total income exceeding Rs.10,00,000 **** Health & education cess**** 4% will be applicable on the tax amount calculated as above.

All individuals earning above Rs. 50 lakh but less than Rs. 1 crore will be incurring a surcharge of 10%.A surcharge of 15% on all individuals earning above Rs. 1crore but less than 2crore.A surcharge of 25% on all individuals earning abov…

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for F.Y 2019-20

IncomeTax Slabs for Senior Citizens(60 Years Old Or More but Less than 80 Years Old) for F.Y 2019-20
As per the Union Budget of 2019, below are the various slabs according to which income tax is assessed for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for F.Y 2019-20.A senior citizen is granted a higher exemption limit compared to non-senior citizens. The exemption limit for the financial year 2019-20 available to a resident senior citizen is Rs. 3,00,000. The exemption limit for non-senior citizen is Rs. 2,50,000. Thus, it can be observed that an additional benefit of Rs. 50,000 in the form of higher exemption limit is available to a resident senior citizen as compared to normal tax payers.

Income Tax Slab Tax Rate for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) Up to Rs.3,00,000 Nil. Rs.3,00,001 to Rs.5,00,000 5% of total income exceeding Rs.3,00,000 Rs.5,00,001 to Rs.10,00,000 Rs.10,000 + 20% of total income exceeding Rs.5,00,000 Above