Paying your income tax in an accurate and timely manner is crucial for the country's economic growth. As a responsible citizen of India, you have to pay your taxes on time. The government has made several provisions in the Income-tax Act,1961 that allow you deductions against investments in specific avenues. One such popular option is deduction under Section 80CCD.Budget 2024 - Increase in Deduction on Employer's Contribution to Pension SchemeAs per the proposed change in Finance Bill, 2024, the deduction against employer's contribution to pension scheme (i.e. u/s 80CCD (2)) has been increased to 14% of Salary (plus dearness Allowance), for other employers from 10%.

Investment in a house property is one of the most sought-after investments primarily because you get to own a house. While others may invest with the intention of earning a profit upon selling the property in the future. It is important to note that a house property is regarded as a capital asset for income tax purposes. Consequently, any gain or loss incurred from the sale of a house property may be subject to tax under the 'Capital Gains' head. Similarly, capital gains or losses may arise from sale of different types of capital assets such as stocks, mutual funds, bonds and other investments.

Employees’ Provident Fund (EPF) is a government-backed savings scheme wherein both the employee and the employer contribute monthly a minimum of 12% of the basic salary to the employee's EPF account. Individuals can withdraw the accumulated funds in the EPF account under the specific conditions. However, monitoring the EPF claim status is important to ensure the entire process is completed efficiently. Latest UpdatesThe government has decided to retain the EPF interest rate of 8.25% for the financial year 2023-24.Read through this blog to gain an understanding about the EPF claim status:What is EPFO claim statusPre-requisites to check the withdrawal statusOnline and Offline process to check the withdrawal statusEligibility to apply for EPFO claimDifferent stages of EPFO claimTypes of formsCancelation of the EPFO claim withdrawalWhat is EPFO Claim Status?EPFO claim status refers to the current status of the application on the EPFO withdrawal. It gives a quick insight on the withdrawal process development, allowing applicants to address potential delays or errors effectively.  What are the Pre-requisites to Check EPFO Withdrawal Status?To know the status of your claim, the following information should be available to you:a. Universal Account Number (UAN)b. EPF regional office of your employerc. Employer detailsd.

An Income Tax Refund is issued by the Income Tax Department if a taxpayer has paid more income tax than was due for the financial year. Individuals/Businesses pay income tax through TDS deducted, advance tax on the basis of anticipated liability, or self-assessment tax which might exceed the actual tax liability. In some cases, an income tax refund can also arise in case the tax liability is reduced by claiming deductions, exemptions, set off of losses, or tax credits while filing the income tax return.Post-filing, the Income Tax Authorities assess the taxpayer's tax liability. In case the tax liability assessed exceeds the amount paid, the excess tax paid is refunded to the taxpayer along with interest at 0.5% per month or part of the month (i.e. 6% per annum) until the date of refund.In this blog, you will gain an understanding of the following:Calculation of Income Tax RefundProcess to Claim Income Tax RefundHow to check the ITR refund statusMeaning of different status of refundTaxability of income tax refundTime Duration for a Tax RefundMode of receiving the refundInterest on the Income Tax RefundProcess to claim a refund on missed ITR filingIncome Tax Refund Helpline #submitRefundbutton { background-color: #1678FB; } .formBlock{ background: #FFFFFF; border-radius: 16px; box-shadow: 0px 30px 60px 0px rgb(164 172 179 / 20%); padding: 1rem 5rem; } .form-group{ 10px 0px; } .refundBtn{ background-color: #1678FB; color: #ffffff; padding: 0.75rem 1.5rem; 20px; border-radius: 8px; font-weight: 700; } .errMsg{ color: #FA324C !important; font-size: 10px !important; 10px 0px !important; line-height: 16px !important; } .blockHidden{ display: none; } .resInfo{ 50%; } .resInfo span{ float: right; } .bgLightGreen{ background-color: #D0E4FE; 40px; 30px; padding: 10px 20px 20px 20px; border-radius: 16px; } .social-icons-div{ padding-top: 20px; display: flex; justify-content: center; } .formSelect{ background-color: white !important; border: solid 1px #E0E0E0; padding: 0.6rem; } h2 span , h3 span{ position: static !important; } #pan{ text-transform: uppercase; } @media only screen and (max- 768px) { .resInfo{ 100%; } .formBlock{ padding: 1rem 2rem; } .mobileHidden{ display: none; } } Check Your ITR Refund StatusEnter your PAN  Assessments Year (AY)* Choose… 2022-2023 2021-2022 2020-2021 2019-2020 2018-2019 2017-2018 2016-2017 2015-2016 2014-2015 2013-2014 2012-2013 2011-2012 2010-2011 2009-2010 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004 2002-2003 2001-2002 2000-2001 1999-2000 1998-1999 1997-1998 1996-1997 1995-1996 1994-1995 1993-1994 1992-1993 1991-1992 1990-1991 1989-1990 1988-1989 1987-1988 1986-1987 1985-1986 1984-1985 1983-1984 1982-1983 1981-1982 1980-1981 1979-1980 1978-1979 1977-1978 1976-1977 1975-1976 1974-1975 1973-1974 1972-1973 1971-1972 1970-1971 1969-1970 1968-1969 1967-1968 1966-1967 1965-1966 1964-1965 1963-1964 1962-1963 1961-1962  Captcha   Check your refund nowBelow is the Refund Status forPAN for AssessmentYear No refund record has been found at present.

Income Tax Appellate Tribunal (ITAT) is a quasi-judicial authority to file appeals against the orders of income tax authorities. A tax appeal can be filed by a taxpayer who does not agree with the assessment order or any other order, passed by an income-tax authority. An appeal before the ITAT is generally filed by the taxpayer to contest any order passed by the Commissioner of Income-tax(Appeals). Similarly, an income-tax department can also file an appeal against any order passed by the Commissioner of Income-tax(Appeals) before the ITAT.Discover more about ITAT in this blog:Nature and Structure of ITATFunctions of ITATAppealable OrdersApplicable Monetary LimitsProcedure to file an AppealAppeal Filing feesTime available to file an AppealFiling Memorandum of Cross-ObjectionsRepresentation before the ITATPresentation of EvidenceOrders by ITATNature and Structure of ITATThe ITAT is a quasi-judicial body set up by the Central Government to deal with appellate matters under the Income Tax Act, 1961. The ITAT functions under the Ministry of Law and Justice.

Most people prefer having a savings account since it is easy to make deposits to the account and withdraw the money when there is a need. The criteria to open and maintain a savings account has been relaxed lately as compared to the olden days. Also, one can earn a reasonable interest on the account balance.Similar to that with a bank, you can open a savings account with Post Office as well. Post Office Savings Account comes with attractive interest rates and other benefits.Here is everything you should know about a Post Office Savings Account.Budget 2021 update :It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest income from the bank.Definition Of Post Office Savings AccountThe post office savings account is a deposit scheme provided by the post office throughout India.

An income tax return after being filed has to be verified. It is not treated as valid until it is verified by the taxpayer. The Income Tax department has given the option of verifying the return either electronically or physically (i.e. by sending a signed ITR-V to the Centralized Processing Center (CPC) in Bangalore).Latest Updates The CBDT has reduced the time limit of ITR verification from 120 days to 30 days from the date of return submission. The new rule is applicable for returns filed online on or after 1st August 2022.The Following are the Ways to E-Verifying the Return Online :Aadhaar OTPNetbankingBank AccountDemat AccountDigital Signature Certificatee-Verification of the return can be done through all the aforementioned methods.

As per government notification, Aadhaar number needs to be produced mandatorily if you want to open a post office account or invest in the National Savings Certificate (NSC), Public Provident Fund (PPF) and Kisan Vikas Patra (KVP) schemes.The government has extended the deadline for linking of Aadhaar to small savings schemes such as post office deposits and Kisan Vikas Patra to March 31, 2018. The linking of Aadhar with various savings schemes such as post office deposits, Public Provident Fund, National Savings Certificate and Kisan Vikas Patra can be done through online as well as offline modes.UpdateThe last date for linking Aadhaar with PAN has been extended to 31st March 2023.Linking of Aadhaar with Saving Schemes via offline modeLinking of Aadhaar to various saving schemes can be done through Indian Post Bank Account. The below-mentioned steps should be followed in this respect: Step 1: Visit your nearest Indian post office branch along with a copy of your Aadhaar card and Post office passbook. Step 2: Fill the Aadhaar linking form which will be available from the branch and attach a copy of your Aadhaar card with the form and submit it. Step 3: After submitting the application form, you will be given an acknowledgement to confirm your request for linking Aadhaar with your India Post Bank Account. Step 4: After processing of your application by the post office, notification will be received via SMS on your registered mobile number.Linking of Aadhaar Card with Indian Post Bank Account via online modeStep 1: Log on to your internet banking account using your User ID and password. Step 2: Click on the link “Registration of Aadhaar Number in Internet Banking” on the home page. Step 3: Enter your 12 digits Aadhaar number therein and click on “confirm”. Step 4: Select the Indian post bank account for which the Aadhaar number needs to be linked. Step 5: To inquire that whether your Aadhaar number update request has been processed or not, click on “Inquiry” option on the homepage of the website.Related ArticlesLink Aadhaar with Insurance PoliciesLink Aadhaar with PANLink Aadhaar with UAN, PFLink Aadhaar with Voter IDLink Aadhaar with LPG ConnectionLink Aadhaar with Ration CardAadhaar card const userAgent = navigator.userAgent || navigator.vendor || window.opera; const inlineCTAbutton = document.getElementById('inlinebtnLink'); if (/android/i.test(userAgent)) { inlineCTAbutton.href = "https://black-cleartax.app.link/filing-entryscreen" } if (/iPad|iPhone|iPod/.test(userAgent) && !window.MSStream) { inlineCTAbutton.href = "https://cleartax.in/MyAccount/start" } .

A PAN is crucial document to conduct all the financial transactions and tax-related activities. If you have mentioned invalid PAN and there is a short deduction of TDS, then you will have to file correction statement to update the PAN. ClearTDS will help to file PAN correction and the corrections belong to “Deductions”. Here step by step guide to update PAN and the Deduction details.How to Correct or Update PAN of the deductee:Step 1: Login to ClearTDS and upload the Conso file. To upload the Conso file read this guide.

All employers must deduct tax at source or TDS from their employees’ salary and deposit the TDS with the income tax department through their Tax Account Number (TAN). Further, all employers should file TDS returns of the salary payments. However, there may be cases when the deductor has not deposited the taxes within the stipulated time, or not furnished TDS returns with correct PAN (Permanent Account Number) of the employees.Explore this blog to get a better understanding of the following:Situation when the deductor fails to deposit the TDSRemedies under the Income Tax lawImportant things to notePenalties for Non-deduction and not depositing the TDSProcess to check TDS deduction and deposit of TDSWhat will happen when the deductor fails to deposit the TDS with the IT department?When your employer has not paid the TDS to the income tax department, the TDS would not be available against your PAN in your Form 26AS. You cannot take a tax credit of the TDS while filing your income tax return. If you take the tax credit for this amount, you will receive a notice from the income tax department for the mismatch in the TDS claimed and taxes paid.In situations like this, the taxpayer will be caught between the income tax department and the employer and suffer.Remedies under the income tax lawTo avoid the delay from companies in depositing TDS, the Central Board of Direct Taxes (CBDT) has become more vigilant and started imposing penalties on companies that are not complying with the deadlines.