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Inzofin – Finance & Tax WordPress Theme

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RWealth is an initiative to provide information on mutual funds investment, Personal Finance & Insurance. To know more visit now.

In this article, we will discuss tax-saving options other than Section 80C that can help you reduce your tax liability and increase your disposable income.

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Income tax is a direct tax paid to the government by Indian citizens based on their tax liabilities for each fiscal year. According to the Income Tax Act of 1961, it is required to pay income tax depending on the tax bracket into which one's income falls. The Income Tax Return (ITR) is essential since it serves as written confirmation of income. However, every taxpayer who is subject to income tax is obliged to provide specific income tax paperwork.

Income tax return, often known as IT refund, occurs when an Assessee's tax paid exceeds the amount he is obligated to pay. It is computed in accordance with numerous tax rules and portions of the Income Tax Act of 1961.

Filing the Income Tax Return (ITR) is required if a taxpayer wishes to receive an income tax refund for excess tax paid in a fiscal year. If you do not submit the ITR during the appropriate assessment year, you will not be eligible for a tax refund. You cannot check the progress of your IT refund online.

Income tax return, often known as IT refund, occurs when an Assessee's tax paid exceeds the amount he is obligated to pay. It is computed in accordance with numerous tax rules and portions of the Income Tax Act of 1961.

Filing the Income Tax Return (ITR) is required if a taxpayer wishes to receive an income tax refund for excess tax paid in a fiscal year. If you do not submit the ITR during the appropriate assessment year, you will not be eligible for a tax refund. You cannot check the progress of your IT refund online.