CBDT provides one-time relaxation for electronically filed ITR V verification. It is applicable for the IT Returns filed for Assessment Yrs 2015-16 to 2019-20, which are pending due to non-filing of ITR-V form & processing of such returns. CBDT issues Circular No.13/2020 on 13th July 2020 in this regard.
PAN Card is a valid identity proof that is necessary for all financial transactions. Moreover, it is mandatory if you desire to file your income tax return. You can apply for PAN card either online or offline. This article will see in detail the step by step procedure to apply for PAN Card online through NSDL and UTIITSL.
The income tax slab for AY 2021-22 below applies to individuals (resident or non-resident), HUF, Association of Person or Body of Individual, companies, partnership firms and companies. The income tax rate depends on the income slab that your income falls under and whether you opt for New or Old tax regime.
We have provided the tax slabs under the existing tax regime and the new tax regime to help you choose a suitable tax regime. Also, you may use the income tax calculator to find out your total tax liability.
Section 80TTA provides a deduction of Rs 10,000 on interest earned on the Savings account. However, only individuals and HUFs can claim deduction under this section.
So, Senior citizens can claim deduction under section 80TTB, which has a higher deduction limit of Rs 50,000. Furthermore, you cannot claim an 80TTA deduction for interest earned on time deposits such as fixed deposits or recurring deposits.