Article explains Eligibility for claiming rebate u/s 87A, ITR form applicable for LIC agent, How to file return of income, Can total deductions exceeds the Gross Total Income (GTI), Need to file Income Tax Return when all taxes been paid in advance and What to do when TDS has been deposited under wrong PAN.
Following are the conditions for claiming rebate under section 87A:
Rebate under section 87A is not available to a non-resident individual, resident or non-resident HUF/AOP/BOI and company.
Ans: LIC agent can use ITR-3 as LIC agent receiving the commission from insurance company.
Return of income can be filed either in hard copy (Only ITR 1/4 in specified cases) at the local office of the Income-tax Department or can be electronically filed at www.incometaxindiaefiling.gov.in
|ITR 1 (SAHAJ)||For Individuals being a resident other than not ordinarily resident having Income from Salaries, One house property, Other sources (Interest etc.) and having total income upto Rs. 50 lakhs|
|ITR 2||It is applicable to an individual and HUFs whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.|
|ITR 3||It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietory business or profession.|
|ITR 4||Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm (other than limited liability partnership firm) who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.|
|Visit the below link for step by step guide for e-Filing of Income-tax return:
Ans: Deductions provided under Chapter VIA of the Income tax Act, cannot exceed the Gross Total Income (GTI). Income here means all the income accumulated in the GTI and reduced by the incomes mentioned below.
Filing of Income-tax return is mandatory for every person whose income (before considering certain exemptions and deductions) exceed maximum exemption limit. With effect from Assessment Year 2020-21, it is mandatory for every person, who is not required to furnish return of income under any other provision of section 139(1), to file return of income if during the previous year he:
1. Has deposited an amount (or aggregate of amount) in excess of Rs. 1 crore in one or more current account maintained with a bank or a co-operative bank.
2. Has incurred aggregate expenditure in excess of Rs. 2 lakh for himself or any other person for travel to a foreign country.
3. Has incurred aggregate expenditure in excess of Rs. 1 lakh towards payment of electricity bill.
4. Fulfils such other conditions as may be prescribed.
TDS credit must be checked in Form 26AS before filing of Income-tax return. If it is not reflected correctly there may be several reasons like:
When deductor deposits TDS under some wrong PAN, he has to make correction in the statement for PAN. In some cases, online PAN correction can also be made.
Assessee can claim TDS in Income-tax return after that PAN correction.