The department would provide a refund reference number. One can track the status of his/her refund by logging in at the income tax e-filing website
I am senior citizen and my TDS is paid by my company. For the year 2017-2018. Refund is due in the year 2018-2019. I have still not received it. Please guide me how should I go about getting the refund at the earliest date.
– Jagdish Kamath
The refund claimed in the income-tax return shall be processed by the income-tax department and communicated through an intimation under section 143(1) of the Income-tax Act, 1961 (Act). In case refund due to you is accepted, the intimation shall state the amount of refund that is payable. The department would provide a refund reference number. One can track the status of his/her refund by logging in at the income tax e-filing website. We suggest you should check the status of your refund online by clicking on the Refund/Demand Status under 'My Account' tab. However, please note that the refund of TDS deducted is not automatic and it can be claimed only by filing the income-tax return for the relevant financial year within the prescribed due date.
Does international travel insurance premium qualify for any rebate under Income Tax Rules in India?
– A D Dechaudhari
The Act does not provide any specific benefit related to the premium paid for travel insurance. Whereas, a deduction may be claimed if it is incurred in the ordinary course of business.
I am an NRI based in Singapore. I have some land that I want to sell. I don't pay tax in India. If I sell the land will I have to pay tax? What will be the tax amount? Can I receive the money in my NRE account and transfer it to Singapore since I don't plan to come back to India
– Sreelata Vasan
Sale of inherited property by NRI to a resident attracts the provisions of Income tax. The capital gains for this purpose shall be computed by reducing from the sale proceeds, the indexed cost of acquisition and indexed cost of improvement. The gains shall be taxable @20%. You can avail tax benefits by investing the capital gains in certain specified bonds or in acquisition of new residential house in India. We are presuming that you have acquired the land under inheritance from your mother who was an Indian resident at the time of purchase. Also, the land may be sold to a resident Indian or to a NRI only if the land is to be used for a purpose other than agricultural, farm houses or plantation. Funds from disposal of such land may be transferred into the NRO account and remitted outside India up to a limit of USD 1 million per financial year. You cannot receive funds in the NRE account.
Chirag Nangia, Director, Nangia Advisors (Andersen Global)
Send your queries related to personal tax to personalfinance@dnaindia.net.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Personal Tax")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}