Finance Buddy

  The due date for filing ITR for FY 20221-22 was July 31, which has already lapsed. The common perception is that there would be a penalty for filing any ITR now? Although the government had extended the deadline for filing income-tax return (ITR) over the last two financial years, this year the deadline was not moved. The deadline to file ITR For FY 2021-22 (AY 2022-23) was not extended by even by a day. The due date for filing  ITR for FY 20221-22  was July 31, which has already lapsed. The common perception is that there would be a penalty for filing any ITR now? Sujit Bangar, Founder of TaxBuddy.com in an exclusive talk with Reema Sharma of Zee Media  said, “Yes, there would be a penalty, but not in all cases. ” “It’s very important to know where your  ITR case falls . The scenarios where there is no need to pay any penalty are summarised here for easy understanding,” Bangar added. Check Income-tax rules that allow you to file ITR without penalty even after...

  Tax saving is an integral part of one's finances. There are several investment options available in the markets that help investors in building wealth along with saving taxes. Among these, tax-saving fixed deposits (FDs) are deemed as one of the safest savings options. The amount invested in these is completely protected and the returns are also guaranteed. What is the tax benefit of tax-saving FDs? Tax saving FD, a special category of fixed deposit, allows investors to claim deductions under Section 80C of the Income Tax Act. Any investor can claim a deduction of a maximum of Rs 1. 5 lakh by investing in tax-saving fixed deposits. In the case of joint accounts, only the first holder is eligible for deduction from income under Section 80C of  the Income Tax Act . Who can invest in this? Individuals and HUFs (Hindu undivided family) can invest in the tax-saving fixed deposit (FD) scheme. One can open a  tax-saving FD  in a single and joint account. What is the lock-...

Income Tax Refund Status Check 2022: Not received refund yet? Know how to check Income tax refund status now Income Tax Refund Status Check 2022: Most taxpayers have already filed their income tax returns. As per the latest data on the Income Tax website, over 6.16 ITRs for Assessment Year 2022-23 were filed till 11th September 2022. The tax department has processed over 5 crores ITRs already. The due date for filing income tax returns for AY 2022-23 was 31st July 2022. After return filing, the major worry of taxpayers is of refund. While many taxpayers have already received refunds, there are some who have not received the refund yet. Here’s how you can check your ITR refund status if not received yet. Sujit Bangar, Founder of Taxbuddy.com says you will get a refund only after your ITR is processed. “After your ITR is processed you will get intimation U/S 143(1) on your mail from the Income Tax Department. You can also check ITR status on the income tax e- filing website,” he said. ...

  8 ways to use your income tax refund Have received your income tax refund this year and still not decided on how to use it. Here are some tips to use your income tax refund to move closer to your financial goals Many taxpayers have started to receive income tax refunds after filing their returns (ITRs) on or before the deadline of July 31, 2022. The credit of excess tax paid is akin to a windfall gain with many treating it as a bonanza from the government. The net result is most people end up splurging their income tax refund credit on unimportant indulgences. Your financial expert, however, would recommend you to plan these in more meaningful ways to move closer to your financial goals. It anyways is part of your hard-earned money and ought to be used wisely. Here are a few smarter ways to spend or invest the money received as income tax refund: Buy life or health insurance Planning carefully for uncertain events which may put a significant financial burden on your family should...