ITR Refund Related

Is for claiming Refund of ITR ...Taxable Income is required below 500000 For assessment year 2020-21...????
Replies (3)
Quick Summary
This discussion clarifies the requirements for claiming an Income Tax Return (ITR) refund, particularly for the assessment year 2020-21. It explains that while there's no strict income limit below £500,000 to claim a refund, your tax liability is calculated based on your total income. If your TDS deducted exceeds your tax payable, you'll receive the difference as a refund.

Yes,

For individual/HUF of FY 2019 -20 (AY 2020-21)

Tax up to Rs. 250000 = Nil
and if income upto rs. 500000 than rebate u/s 87A in tax upto rs. 12500.
@ Naresh ji
There is no criteria like for claiming Refund of ITR, taxable income is required to be below 5,00,000/-

If your income is more than 2,50,000 per year than you are compulsorily required to file ITR as per income tax Act.

In ITR your tax liability (i.e tax payable) is determined based on your income.

e.g For F.Y 2019-20 your total income is 5,00,000 and TDS deducted from any source is 50,000
than, as your income is below 5,00,000. There is no tax liability, so full refund (50,000) will be granted.

but your income is let's say 6,00,000 than tax liability comes to 32,500 , so after deducting 32,500 from that 50,000 balance 17,400 is granted as refund.
Declare your actual income irrespective of whether its more than 2.5 lakh or less than 2.5 lakh and if there's any tax is to be paid then the same will be adjusted against your tds and the balance will be refunded (if tds is more than tax payable) or you have to pay the difference between TDS and tax payable as self assessment tax

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