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Haven't got income tax refund as yet? You may need to confirm it to the tax dept


Story outline
Abhishek Soni, CEO and co-founder, Tax2Win.in says, This year we have observed that the Income Tax Department is sending one email to the taxpayers where there are huge deviations in the income tax return filed as compared to the form 16. In such cases, the Income Tax Department is sending the mail to confirm the amount of refund.
On many occasions the Form 16 issued by the employer may not contain all deductions that are available to taxpayers under the existing law.
If the taxpayer claims these deductions while filing ITR, then these are bound to differ from the ones mentioned in Form 16. ....

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Budget 2021: How Budget 2020 Changed Income Tax Slabs


Budget 2021: How Budget 2020 changed Income Tax slabs
A taxpayer earning Rs 15 lakh will save Rs 78,000 in tax under the new regime, FM said in Budget 2020 speech.
FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman, in Budget 2020, added three income tax slabs in the tax structure. In Budget 2020, FM Sitharaman tried to put more money in the hands of taxpayers by curtailing the incentives to save. A taxpayer earning Rs 15 lakh will save Rs 78,000 in tax under the new regime, FM said in Budget 2020 speech.
New income tax slabs and ratesNo change in tax exemption given to incomes up to Rs 5 lakh in interim. ....

Nirmala Sitharaman , Minister Nirmala Sitharaman , Budget 2021 , Income Tax , Itr 2020 21 , வருமானம் வரி ,

DRDO's successful flight test of Smart Anti Airfield Weapon | India News


HYDERABAD: DRDO has successfully conducted captive and release trial of indigenously developed Smart Anti-Airfield Weapon (SAAW) from Hawk-i of Hindustan Aeronautics Limited (HAL) off the Odisha coast on January 21.
The smart weapon was successfully test fired from Indian Hawk-Mk132 of HAL. This was the 9thsuccessful mission of SAAW conducted by DRDO till now. It was a text book launch, which met all mission objectives. The telemetry and tracking systems installed at Interim Test Range (ITR), Balasore captured all the mission events, DRDO said.
SAAW is indigenously designed and developed by DRDO’s Research Centre Imarat (RCI) Hyderabad. This is 125 Kg class smart weapon, capable of engaging ground enemy airfield assets such as radars,bunkers, taxi tracks, and runways etc. up to a range of 100 kms. The high precision guided bomb is light weight as compared to weapon system of the same class. The weapon was earlier successfully test fired from Jaguar aircraft. ....

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tax payable: Income tax refund of this amount will not be paid by tax dept


Synopsis
As per a government press note in 2012, if the amount of income tax refund or tax payable is this much, then you are neither liable to pay such tax demand amount nor will you receive such refund amount in your pre-validated bank account.
Getty Images
Sec 143 (1) notices sent by the income tax department to taxpayers after processing their returns also indicate the above in cases where there is a refund or tax demand of less than Rs 100.
Did you get an intimation from the income tax department after processing of your income tax return, for a tax demand or tax refund amount of less than Rs 100? If you have, then you are neither liable to pay such tax demand amount nor will you receive such refund amount in your pre-validated bank account. Such tax demand dues will be adjusted against future income tax refunds. ....

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Late income-tax returns surge slows direct tax mop-up contraction


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