IT Refund received

 IT Refund received 

Have you filed an income tax return?  For a refund 

 Claimed‌?  Most people may not have a big understanding of what the level of these claims is.  But none of this is matter.  It should not be too difficult to know the refund status.  Anyone can easily find it online. 

Here is how to know the status                                                                                  Income tax refund is a system.  If someone pays more than the actual income tax due for a financial year, the IT department will refund the money.  This is called a refund.  IT payers can claim overpayment tax under Section 237 of the Income Tax Act, 1961.  This amount is usually refunded within 20 to 45 days after the IT return (ITR) is processed.  If not, you can easily find out the refund status online.  There are two ways to do this.  They are ..

 E-Filing‌ Portal

  First you need to open the computer and log in to the IT department e-filing portal.  Then select the option 'View Returns or Forms'.  In the 'My Account' tab, select the 'Income Tax Returns' option and click on 'Submit'.  Then click on 'Acknowledgment Number'. After entering that number, your income tax refund status will appear on the computer screen.

 NSDL Website 

 To track a refund, you must first open a computer and visit the NSDL website.  Then enter your permanent account number (PAN), Aadhaar, tax assessment year and click on 'Proceed'.  Refund status will then be displayed on your computer screen. 

 Melts in the last hour 

 The deadline for individuals to file income tax returns expires at midnight on the 10th of this month.  By then, the central government had declared a total of over 31 lakh IT returns.  Of these, nearly 2 lakh ITRs were filed within the last hour.  The IT department said 17,97,625 IT returns were filed till 6 pm on the 10th of this month, of which 2,39,013 were filed between 5-6 pm that day and another 1,93,552 returns were filed in the last hour. 

 Save on IT like this ..

 Taxpayers can avail tax exemptions under various sections of the Income Tax (IT) Act.  Let's take a look at Avento ..

 Section 80C: Fixed deposits, insurance plans, equity linked savings schemes, children's tuition fees, EPF, life insurance premiums, home loans, Sukanya Samridhi Yojana can be tax deductible under Section 80C.

 Section‌ 80GG: Wage and non-wage earners can avail tax exemption on house rent up to Rs.60,000 under Section‌80G.  Housing Rent Allowance (HRA) is open to all regardless of cause.  However, there should be no personal residence in the work area.

 Section‌ 24: You can receive tax deduction on any expenses incurred in obtaining a home loan through this section.  You can save up to Rs 2 lakh on interest on home loan payments. 

Section ‌ 80D: Expenditure on pre-health check-ups, health insurance premiums, payments for Central Government health schemes and medical expenses up to Rs.75,000 can be tax deductible under Section-80D. 

 Section ‌ 80G: Donations to NGOs or government relief funds can be tax deductible under section ‌ 80G.  It is possible to claim up to 50%.