ITR Refund Related
Naresh Khanduri (301 Points)
03 August 2020
Is for claiming Refund of ITR ...Taxable Income is required below 500000 For assessment year 2020-21...????
3 Replies
Yudhishthir Sharma
(Article)
(207 Points)
Replied 03 August 2020
Yes,
For individual/HUF of FY 2019 -20 (AY 2020-21)
Tax up to Rs. 250000 = Nil
and if income upto rs. 500000 than rebate u/s 87A in tax upto rs. 12500.
For individual/HUF of FY 2019 -20 (AY 2020-21)
Tax up to Rs. 250000 = Nil
and if income upto rs. 500000 than rebate u/s 87A in tax upto rs. 12500.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 03 August 2020
@ Naresh ji
There is no criteria like for claiming Refund of ITR, taxable income is required to be below 5,00,000/-
If your income is more than 2,50,000 per year than you are compulsorily required to file ITR as per income tax Act.
In ITR your tax liability (i.e tax payable) is determined based on your income.
e.g For F.Y 2019-20 your total income is 5,00,000 and TDS deducted from any source is 50,000
than, as your income is below 5,00,000. There is no tax liability, so full refund (50,000) will be granted.
but your income is let's say 6,00,000 than tax liability comes to 32,500 , so after deducting 32,500 from that 50,000 balance 17,400 is granted as refund.
There is no criteria like for claiming Refund of ITR, taxable income is required to be below 5,00,000/-
If your income is more than 2,50,000 per year than you are compulsorily required to file ITR as per income tax Act.
In ITR your tax liability (i.e tax payable) is determined based on your income.
e.g For F.Y 2019-20 your total income is 5,00,000 and TDS deducted from any source is 50,000
than, as your income is below 5,00,000. There is no tax liability, so full refund (50,000) will be granted.
but your income is let's say 6,00,000 than tax liability comes to 32,500 , so after deducting 32,500 from that 50,000 balance 17,400 is granted as refund.
rama krishnan
(12244 Points)
Replied 04 August 2020
Declare your actual income irrespective of whether its more than 2.5 lakh or less than 2.5 lakh and if there's any tax is to be paid then the same will be adjusted against your tds and the balance will be refunded (if tds is more than tax payable) or you have to pay the difference between TDS and tax payable as self assessment tax
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