Does provident fund come under 80C?

Does provident fund come under 80C?

For a salaried employee, the monthly contributions made towards employees’ provident fund (EPF) also qualifies for tax benefit under Section 80C.

When can we claim TDS refund?

You need to file a TDS refund claim when the employer has deducted more tax than the actual liability. You can claim the difference amount by filing an income tax return. You will have to provide the bank account number, name of the bank, and Indian Financial System Code (IFSC) details for successful processing.

What is TDS return filing?

Tax deducted at source (TDS) is the practice of reducing tax evasion and spillage by making it mandatory to deduct TDS from payments at pre-defined rates. This is considered as part of tax paid and in case excess TDS has been deducted then one can file returns and claim the refund from the Income Tax Department.

How many years TDS can be claimed?

If you have paid additional tax in the previous years and could not claim it within two assessment years, the provisions of Circular no. 9/2015 can come in handy and you can now claim income tax refund for up to maximum of 6 years.

Can I claim TDS after 3 years?

So effectively in case of claim for income tax refund, you get an extension of five years only as presently also you can file your income tax return for refund one year after end of the assessment year. So now you can make an application for condonation of delay for any financial year ending 31-03-2014 or thereafter.

Can I file ITR for last 5 years?

Filing ITR for Previous Years According to the Finance Act 1987 amendment, you can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY). With the amendment vide Finance Act 2016, from AY 2017-18 belated IT returns should be filed before the end of the relevant AY.

What is the limit for deducting TDS?

Items Liable for a TDS Deduction Section 192 – TDS on salaries: TDS on salaries is deducted at the rate of the income tax slab for the relevant year. For the assessment year, 2020-2021 the exemption limit for an individual is Rs 2,50,000.

What happens if TDS is not deducted?

Penalty for companies that delay TDS returns All companies, irrespective of government or private, must bear a penalty of Rs. 200/day, under section 234E, for the delay in filing TDS or TCS returns after the specified due date. The tax deducted/collected at source is paid to the credit of the government.

What is the threshold limit?

The threshold limit value (TLV) of a chemical substance is believed to be a level to which a worker can be exposed day after day for a working lifetime without adverse effects. Strictly speaking, TLV is a reserved term of the American Conference of Governmental Industrial Hygienists (ACGIH).