SAG Infotech: Need Tax Software (Call 0141-4072000)

Taxpayers often make mistakes of paying extra Income tax against the applicable tax. In such mistakes, taxpayers are eligible to get a refund of the excess tax amount paid by him. Today in this article we are going to talk about all the provisions related to the claim of Income Tax refund of excess IT paid by the taxpayer. Basic Provisions If the taxpayer by mistake paid the excess tax amount than the applicable tax (whether it is advance, TCS/TDS, self-assessment, or regular assessment tax) then the taxpayer is eligible to get the refund of the excess tax paid by him/ her. In the matter of refund of tax provisions under Section 237 to 245 are applicable. When Does the Income Tax Refund Arise? Section 237 states that ‘ If a taxpayer can prove in front of the Assessing Officer (AO) that the tax paid by him or on his behalf or treated as paid by him or on his behalf for any previous year exceeds the applicable tax amount then he\ she is eligible for the refund of the excess amount. The

The validity of Electronic Way Bill or e-Way Bill has been extended by the Central Board of Indirect Taxes and Customs (CBIC) till 30th June 2020. The date has been extended for all the bills generated on or before 24th March 2020 and validity of which has been expired between 20th March 2020 and 15th April 2020.  In a notification released by the board, paragraph first of clause (ii) read "Provided that where an e-way bill has been generated under rule 138 of the Central Goods and Services Tax Rules, 2017 on or before the 24th day of March, 2020 and whose validity has expired on or after the 20th March, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of June, 2020." Read Also:    E-way Bill Generation and Registration Pdf Guide by Gen GST Software V2.0 The notification will prove to be beneficial for the transporters and truckers of the country. The board had earlier extended the validity of bills till 31st May 2020 for th

Employees need to declare their investment to save tax at the beginning of every financial year (April Month) to allow the employer to deduct tax at source (TDS). But Lockdowns due to Covid-19 this year is unsettling everything and it also caused a delay in investment declaration submission this year. Meanwhile, Finance Minister Nirmala Sithraman introduced a new Income tax Regime on 1st Feb 2020 and allowed people to choose one of them as their default tax regime. The New tax regime features more tax slabs and lower tax rates below an income of 10 Lakh which seems more beneficial compared to the Old tax regime . The inclusion of a new option makes the declaration more important because if employees will not declare their choice then the employers will be not able to deduct the TDS as per the last year’s tax-saving investment declarations. The Government also made it mandatory to choose the Income-tax regime at the beginning of a financial year. It needs to be mentioned here that the