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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.

What is Income Tax

What is Income Tax

A tax that applies to income from any source is called income tax. The Central Board of Direct Taxes (CBDT) is the board of directors that takes care of Indian income tax. The government imposes income tax on individual, corporate, business, Hindu Undivided Family (HUF), cooperatives and trusts. Taxes and structures are different on different products and products. The Indian Income Tax is regulated under the Income Tax Act 1961.

What is Income Tax in India

History of Income Tax

Income tax in India was established in 1960. When it was first imposed, it took about five years to control and implement the income tax, but the income tax law was repealed in 1. Again, it goes into effect a few years after the interval of many. The Act of 1986 again goes into effect; it defines the full income tax law, which includes exemptions for various agricultural professions, income tax rules for industries and corporations. The seventh law of the 9th was introduced that reformed the Income Tax Act in a new way. This new law investigates new industries under income tax bonds. This new law seeks to expand the horizon to generate greater revenue for the country.

History of Income Tax

With the recommendation of the All-India Income Tax Committee, another income tax law came into effect in 1222. Under this Act a new section was introduced under which the income tax collection in the current assessment year depends on the previous year's income tax estimates as compared to the previous. There will be no significant provision after the Income-tax Act of 1222, but at a later time the income-tax money is subject to the provisions of the Act. Every assessment year a new tax structure is published with the Union Budget decided by the country's finance department. The Income Tax Act of 1922 existed until 1961, but the government passed the Income Tax Clause in the hands of the Law Commission for review and reconstruction in a lawful manner so that the tax was amended in an easy manner without changing the basic tax structure.
Income tax laws cover many industries and there are different types of clauses for different industries. There are various industries where the government gives subsidies from time to time. The present Income Tax Act is in accordance with India's 1961 Income Tax Act. According to the Constitution of India, every person is obliged to pay income tax for the progress of the nation. If any person or an organization earns any income in the country, they have to pay income tax. Although the current tax structure have separate slabs for men and women. According to the Indian Income Tax Law, senior citizens are regularly exempted from income tax slabs. Similarly, income earned through agriculture is not income tax. Any state affected by a natural disaster is also subject to income tax waiver.



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…

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(T…

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